Not sold on K9 being a big battery drain. Pretty much the first app I put on my N1 and never had any battery drain issues with that phone. Maybe wakelocks do different things to different hardware though. But Push mail is the whole reason I am running K9 mail so I"m gonna be mad if it's an issue 
I had wakelocks issue with K9 mail app. By default it uses push for receiving new email. I get moderate number of emails daily and I noticed that my phone spends too much time woke up with K9 being the reason. There is a report that K9 doesn't let the phone go for at least a minute after each push notification.
Things go back normal after I disabled push, switched to poll every hour and only first-level imap folders. Also increased default value imap-idle refresh timeout.
hope this will help others.
-- vlad