It's $10....even if it didn't work(which it does), it's only $10. It's worth it just to have the option of seeing your clock speed in the menu bar.
Again, it undervolts your CPU, it doesn't underclock it. There will be zero performance change. (well, I guess you might see an increase on the off chance your CPU was lowering it's clock because of high temps. But regardless, there would not be a decrease in performance.)
You're going to spend a lot more than $10 on whatever you plan on doing, and I can almost ensure it won't be as effective as CoolBook. And if you're installing somekind of internal fan, you'll get less battery life, contrasted by the increase you would get with CoolBook. You're going to hack up your case before trying software that will get you better results?
It seems like you're less interested in getting lower temps, and more into modding your laptop. Which is fine, it's yours to do whatever you want with, but just something to think about.