There is a free Android application called PowerTutor that tracks and displays your phone’s power usage in a nifty, easy to read graph. You can now check in on the power requirements needed by applications and optimize your power usage to run on less juice and use less power then the initial Android settings.
PowerTutor was created for use on a G1 handset, but the creators suggest that it’s still reliable on other Android devices. The application itself uses about 5% of a handset’s CPU, so running it all the time might be counter productive to your goal. Doesn’t make too much sense to use up your battery life with an application that wears down your battery life. Anyhow, I’m going to give it a shot and see if I can tell a difference. If you decide to try it also give us a shout and let us know if see any improvement.