Welcome to the IpaqHQ site.
As far as I know you can't underclocking the processor speed in the OS. But hardware wise, it is already incorporated in the PXA270 processor to change the speed automatically according to the software loaded.
Couple of tips you might want to take:
1. Change the backlight to a lowest visible light under different circumstance
Due to the more pixels on the screen, it requires more power from the battery, thus reduce the backlight can help prolong the battery life after one full charge.
2. Manage the power to auto shut the screen in shorter time with idle action
3. Turn off WIFI/Bluetooth if not in use.
Only my limited input. Others must have better ideas on this.
Good luck
