Most don't make any significant impact. If they do, it is because it is limiting the functionality of your device. There will always be trade offs.
The best thing is a different kernel. But even then a lot of the times it won't make a substantial difference. On my Nexus 4, I tried stock, trinity, matr1x, Faux, and franco. Not a single one made a substantial difference with the phone in use. The only noticeable difference was idle time. And even idle time wasn't huge. But what I was most worried about was screen on time (SOT). But again, no option really makes a substantial difference in relation to SOT.
The only thing you can do is limit the phone. Turn off NFC, Bluetooth, wifi, 3G, LTE, GPS, lower the brightness, turn off Google Now, and essentially turn your smartphone into a dumb phone. Then you will see a big difference.