I've tested it and can confirm it works.
All credits go to the developer of faster fix (Bernard Bekker)
So here are the steps:
1. Download the CM7 rom ( I'm currently running the built #15 nightly)
2. After installing the rom and gapps set it up as you normally would.
3. Download Fast Reboot from the market (and install it).
4. After installing the Fast Reboot, download Faster Fix from the market (and install it).
5. Now turn off the gps (not in the notification bar, but in settings).
6. Run Fast Reboot
7. Run Faster Fix, and select your country and hit Go
A pop up should say: for example "Done set to:nl.pool.ntp.org" as I live in the Netherlands.
8. Turn on your GPS and reboot.
Now when you use the Google Navigation you should have a fast and steady fix for your GPS.
This won't work if you turn off GPS and on again.
In this case you have to reboot your phone!!! Remember to turn on the GPS bevore you reboot your phone!
It is not nessesery to repeat steps 1 to 7, just 8.