It's come to my attention that I'm not the only person who was having issues with the screen occasionally not coming back on after going to sleep, only way to get it back on is to do a battery pull. I had been running Liberty just fine, installed Jakebite's Mods v14, installed all my apps, yada yada, shortly after configuring profiles and everything in Android Overclock, I began having the issue I described. After trying to backtrack my steps of what I did leading up to the issue, I eventually found that having profiles enabled in Android Overclock was causing the problem. I disabled Jakebite's Mods, and the problem was resolved. I reinstalled the mods to do some further testing and determined that it is an issue with using profiles while the CPU governor is set to interactive X...Even when I set each profile to use the interactive X governor, solely adjusting the max CPU frequency according to lower battery levels, I still had the issue. So I found that you can leave the mods installed, but go into the terminal and as su, type modcentral...type number 4, enter, then number 5, enter...This sets the default governor to ondemand, allowing you to use profiles as you normally would have.
The phone does seem a bit snappier with the interactive X governor, but the battery life is considerably better using ondemand and over/underclock profiles, and performance with ondemand is just fine if you set it up right. I had the screen wake issue when I used CM7 as well, this was most likely the reason why. Well hopefully that helps somebody, feel free to post this info elsewhere as it seems like it would be applicable to some other ROMs and possibly other phones too.