1) Would turning off the LCD results in a better battery life?
Not very much, if at all. The power in LCDs is used by changing the screen, and the backlight.
2) Which format should I consider between wv and flac to increase the battery life?
I don't know what "wv" is, but the smaller file will generally save battery life on HDD players.
3) Would I hear the difference between a 320 kbps mp3 and a wv/flac file using my Ipod?
Only you can answer that one. I can't.
4) Are there other ready-to-play games/applications/demos for Rockbox, other than the ones in this site?
I think so, but don't know. I play Jewels sometimes but otherwise don't really Rockbox for the games.
5) Is it normal to get "lag" when reproducing ape files?
I have no clue.
6) Does ape music reduce the battery life more than the other formats?
See #2 above.
7) What should be the best config to reduce the battery usage?
Don't know, and it depends on how you use it.

Will you answer all my questions?
No. No wait, yes. No. No I won't.