First off, you should make a nandroid just in case something goes wrong during installation but if you don't all that you loose is your current rom install. I rarely make nandroids but thats not to say its not recommended, I just enjoy living life on the edge
My favorite kernel for any Sense rom is
SebastianFMs Kernel with
Axetilens MOD.
Flash your ROM
Flash the Powerful Kernel Reset Tool in Axetilens mod thread
Flash SebastianFMs kernel
Flash the mod - It uses AROMA so you will get to pick and chose all your settings, if you are unsure what to pick most have recommended or default next to the options so you can't go too wrong with them.
He recommends flashing the mod twice just to make sure everything sticks. I always do but I guess thats up to you.
My settings are:
1566mhz on both cores
Performance Gov. (not the dual core option, the third option is what I use)
Underclocked 87mv
300mhz GPU (320mhz could cause stability problems and benchmarks show it doesn't help performance one bit so its a waste of batter)
200mhz 2D (again, anything higher than that is a waste of battery as benchmarks prove that anything higher does no good)
The strictest option for min free settings (I haven't noticed any differnce in load times for the defualt setting and the strict one so its a no brainer to me)
Zram disabled as I have a 512mb hard swap
I have been running this setup for about a week and its still running smooth and fluent. Battery life is incredible to say the least. I'll post some screenshots because quite honestly, you probably wouldn't believe me if I told you in text.
Good luck!