Bit the Bullet!

To overclock u need to install a kernel with the clock speed u want . Fyi set cpu doesn not monitor cpu temp just battery temp. The temp monitor app does both but I don't think there's a kernel out for froyo that supports cpu temp yet. If your new to rooting you should flash clockwork recovery and get used to using that. Its far supierior to sp. There's more options for formatting and wiping boot, cache, data, etc. Wipe all Three times and you will avoid a lot of the problems people have with roms. You don't have to rename anything to update zip or move the files to the root, you can install them from any folder there in. This means you can flash the rom, kernel, and theme all in one shot insteead of rebooting, rename, and moving each file. Hope this helps

 

I wouldn't use setCPU at all for BBv1.1 only because there the Pete file and setCPU will have conflicts. If you want to keep track of temp, I would recommend the BatteryLife widget.