So far I'm gaining roughly 65% more battery life with the settings I posted above. More when my screen is off more.
One problem I've noticed with the widget: every once in a while, it resets itself to its default clock settings while the screen is active. (It may also reset itself occasionally when the screen is off, I can't tell.)
If your chosen max speed is 998000 (998) this is probably no big deal and you will not even notice, but if its a lower speed like mine is, it makes the widget look like it isn't working. I can't tell for sure what events are triggering the change.
As a sort of workaround, make sure your "Update Interval" setting is fairly low so that the widget has a chance to revert back to your settings quickly (it does revert back).
I have contacted the developer about this bug and hopefully we will see a fix soon.