What ROM do you want to use it with? If virtuous I've used both the custom kernel offered for virtuous and kings BFS#2. With teh custom you cannot overclock, but can set profiles and all governors are available. With BFS#2 you can overclock, set profiles, and all governors are available.
I used setcpu with Ruby and stock kernel and also with uncommon sense and virtuous custom kernel. I got great battery life with all of these combo's. Probably the best coming from virtuous 2.6 with custom kernel and setcpu screen off profile.