Which powertop version did you use? With 2.7 i get errors about missing functions in the kernel and i*m not in the mood to compile a new one right now...
PowerTOP v2.7 needs the kernel to support the 'perf' subsystem as well as support for trace points in the kernel: ... "Devfreq not enabled"
rm /var/cache/powertop/saved_parameters.powertop
Why don't you undervolt the frequencies independently? I can undervolt 300Mhz frequency down to 650mV rockstable.