I did that Dave.
The battery drain was driving me nuts to the point I regretted moving from the 14 Pro max to 16 Pro.
The problem is that I am not seeing any report on Find My in terms of battery drain at all.
I am only seeing the location icon continuously even when I disabled every app's permission to location services.
I Disabled the Find My in Privacy & Security - then immediately the Location icon disappeared.
I re-enabled locations services for all Apps - When in Use.
And now I can say that from 6 am until around 11:00 pm, I used about 26% of battery.
Previously, I had to charge the phone at least once.
However
One thing that comes to my mind as I am replying now, is that I restored from an iCloud backup of my iPhone 14 Pro Max, when I setup the phone out of the box.
Maybe I should have elected to set it up as a new phone, and reinstall everything by hand.... Which is something I am not in the mood to do 🙁
Will probably try that during this weekend and see if that fixes the problem.