My immediate thought though: I wonder how much battery-time you would gain by making the device monochrome (black/green) when you just intend to use it to, say, call or perhaps even read something.
Maybe a mode like this already exists in Android? I don't have a Nexus one, so... :) Heck, if it doesn't exist, then I guess this might be an app for the Android app-store. Send me a cookie if you write one!