Overclocking isn't that hard, some of the new roms have everything pre-installed and all you have to do is change the settings. The tricky part is getting it just right. Not all cpus are created equal, some will happily run at 946mhz, others can't get over 800mhz. Hence why we can't just set it and forget it in the roms.
CTmod comes with an app called Voltage Control. When you open it (and allow it superuser access) you will have two slider bars and two dropdown menus at the top. Ignore the I/O scheduler (I dunno what it does). The many different settings of the CPU governor are explained in the thread linked above, but you're basically trading speed for battery and vice verse.
The Minimum slider is the slowest the CPU will go when the phone is idle. If you start to get lag when waking the phone up or when getting phone calls, turning this up can help. I had to turn mine up to 200mhz.
The maximum slider is the overclock, start turning this up slowly, one notch at a time, and let it run for a little while. If it starts getting unstable, go back a notch and leave it. If it's all stable, slide it up another notch and test it some more. Again, this is all based on your CPU and how lucky you are.
And watch out, the phone tends to lock up if the battery gets too hot. It usually happens to me if i'm in navigation and the phone is on charge. Keep your phone relatively cool while you tinker.