Hi Paul,
One big way to reduce power is to put the HSIC interface into suspend mode. This can drop power by 60 ma.
–> echo 0 > /sys/bus/usb/devices/usb1/authorized
Also make sure wakelock is set in case USB cable is removed:
–> echo NO_SLEEP > /sys/power/wake_lock
Also, if you are ready to take a soldering iron, you can get some more improvements:
a. Add R306 (0R), and check that EXT_GPS_LNA_EN signal is set 0. Should be 4ma saving
b. Savings over LEDs:
–> echo ‘AT!LEDTEST=0,1;!LEDTEST=0,0’ > /dev/ttyAT (Red LED off, 1.5ma)
–> Remove R428, save couple of ma
c. Remove USB cable (have a wakelock running though): 12-15ma
d. If you want to, you can force the DC/DC buck converter into automatic PFM/PWM mode . Save around 10 ma. Remove R901,remove c901. Add 10K between r901.pin_mode to c901.gnd. 
e. Run CPU in interactive mode:
—> echo interactive > /sys/bus/cpu/devices/cpu0/cpufreq/scaling_governor
If you want to know how low the board can go, you can remove R908 and add R909.
Then pull-up pin 3 of SW401. This will allow you to power off everything on the board except the module and the ULPM circuitry. If you bring down pin 3 of SW401, you will get all circuitry powered back up. We see module consuming 1.0ma and sensor circuitry at 1.3ma.
Further, you can put the board in ULPM mode:
AT!POWERWAKE=CLEAR
AT!POWERWAKE=1,60
AT!POWERMODE=1 (VGPIO gets low)
I will publish this on the mangoh website over the next few days . Let me know what numbers you hit.
Would be great if you can post your numbers here.
regards,
Ashish