I am getting to grips with this rooted phone stuff. This morning I backed up my phone’s state using nandroid, then installed an ICS Beta from xda-developers. ICS is the new integrated version of Android that is formatted for both tablets and phones. It looks very nice, and I could almost use it except for the fact that the camera does not work (yet). When the camera is operational I may well mover over to it. I suspect that this will be the quickest way to get this update for my phone.
After playing for half an hour, I backed up the ICS install and then restored my CyanogenMod build.
I have not tried undervolting yet.