Successful root!!! Overclocking useful?

So after hours of research (which culminated in using this forum and two different uploader's Youtube vids), I finally managed to root my phone, delete some system apps that were totally useless to me (Street View, for one), force other LARGE apps that I liked to SD card (Facebook, Maps, Gmail, etc), and install/use live wallpapers.. without resorting to the use of a USB cable (since I didn't have mine on me at work when I got the wild hair up.. well.. yeah).  Went from 61 megs of space left to 109 megs of space on phone... with 12 more apps than I previously had.

Now with all that said, is an overclock widget/app useful?  I keep reading that the 800 mhz is capped (or whatever the proper terminology is), but that it's possible to actually reduce battery drain by setting the CPU at a lower rate.

I have filled my phone with apps and only use five widgets:  Power and Music (Stock widgets), Digital Clock Widget, Minutes Checker for Virgin Mobile: Pie Graph, and Battery Widget.

Even with one of my two Live Wallpapers going, my phone has almost double the life span it did before rooting.  I really have no idea why (I use Fast Reboot, the stock Task Manager, and Super Tool Box 10+ the same amount as before), but I'm not going to argue.

Regardless of all of that, I still want to get more oomph (or less, if it can help conserve battery life during extended trips).

Is it possible?

go to the market and look up "CPU tuner". Its free and great. You can make multiple profiles for different battery levels and how fast your cpu processes. what i did is deleted every profile except the full battery one, set the cpu to run full speed the whole time, (except for when the screen is locked, and i set that to the lowest setting, which is 66 MHz) and youre done. My phone runs very fast and has a great battery life