I should have known you would have rooted your Droid and be doing something like this on your phone. I have been using setCPU for several days on my Hero. While I can't overclock it, I have been able to set the minimum at 160Hz for better battery life. I can also ramp the minimum up to full when I need full performance so there is no scaling down.

Some guy on xda developed a new kernel for the Hero and it has really sped things up along with a custom ROM I run. It is pretty darn fast for an "older" CPU. I did a side-by-side comparison with a brand new Samsung Moment that has a better CPU than my Hero and with my mods, mine was running faster by a second or two on identical apps.

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