If you can find a developer working on kernel for Google Nexus 7, he should be doing the same for other Google Nexus devices like Nexus 4 and Nexus 10. Just like faux123 Kernel for Nexus 7. You can find both kernels for Nexus 4 and Nexus 7 contain the same features and abilities. Of course, it improves overall performance and battery life. faux123 Kernel for Nexus 7 is based on Google source code, so it works on all AOSP 4.1.1, 4.1.2 and 4.2.2 builds. And support Nvidia CPU overclocking and undervolting. Yes, you can overclock Tegra 3 GPU as well.
Installation guide ~ How to install custom kernel on Nexus 7?
Download faux123 Kernel for Nexus 7 here.