Here is my suggestion:
I watch power consumption while developing my apps (that sometimes poll the sensors at rates of <25ns) using PowerTutor. Check it out, it sounds like this maybe what you are looking for, the app tells you what you are using in mW, J, or relative to the rest of the system. Also, results are broken down by CPU, WiFi, Display, (other radios installed). The only catch is that it is written for a specific phone model, but I use it with great success on my EVO 4G, Galaxy S (Sprint Epic), and Hero.
Good luck,
-Steve