quite honestly 4.2.2 didn't really change anything. Google didn't fix major errors such as Wifi delay, BT bug, msm_hsic wakelocks, etc. Battery life shouldn't be adversely affected.
Seeing that you're using Franco, yeah, it's got some additional fixes that should improve battery life.
On the note of Screen On Time, I feel like this is a horrible metric for measuring how "good" a phone is. Since the screen drains the most, essentially we're testing the screen. But I'm assuming we're also doing something such as constantly reading an article, or playing a game, in which case we're stressing the CPU and GPU.
I had a lengthy discussion with another AT member who's on XDA and we looked at Nexus 4 use patterns, use on 3G, wifi, etc, and we're both on AT&T in different parts of the US. Basically I noticed that while people can report great screen on time, in general the Nexus 4 sucks balls on 3G. You will easily get horrendous battery life on 3G in idle on the Nexus 4 unless you make sure you sync practically nothing.
Also 0.5mv across the board? I thought typical voltages for 1026mhz was like 1050mV or something. I don't see how undervolting by 0.5mV has any effect lol....