@codecage and anyone else who wants to try this!
If you decide to go down the 8MHz 3.3V road. You will find this file handy!
To install, go to your sketch folder and add a new subfolder and name it "hardware", copy this zip file into the new folder and unpack it. When you restart the Arduino IDE, choose the "Tools" menu and "Board:", scroll to the bottom of the board list and you will see "ATmega328 on a breadboard (8 MHz internal clock)". Now you can upload programs to the naked ATmega128 with an FTDI - USB to serial board!
Why not try to save even more power?
Ditch the boot loader all together:
BTW... there are some other great video's on the channel too, and you might be especially interested in the video on the HC-12 wireless communications.
[EDIT] - You can also slow your Arduino down via code: Slow down to half speed to save power