SetCPU isn't much use to us because our kernel does not support overclocking. Someone posted on here that SetCPU actually bootlooped their phone. That would be a problem that I would not want. There are some things you can do that will help though.
If you like to fiddle and tweak, get Getitnowmarketing's recovery and learn how it works. It will save your phone.
Follow the post about safe to remove apps and remove them - all of them.
Go over to xda and get the V6 supercharger script. It seems to help with lag.
Life is full of compromises, and battery life on your phone is no exception. I need long battery life but I don't need an always on internet connection, instant notification of emails, or for my phone to know it's exact location at all times. I use powerful control from the amazon market to manually control my 3g connection. I keep the 3g off unless I want to check my email, use the internet, or download a mms. Using the stock power control widget I keep the GPS & sync turned off unless I need it. I sync while charging. These simple steps probably doubled battery life if not more. There was a very nice side effect of this...
If I don't get instant notification of work email when I am not working, then I am not compelled to deal with whatever issue the work email is about, because I don't know anything about it in the first place - isn't that cool?