Yes, those settings are fine.. the settings you cannot change, but are built into power saving mode, is that it allows the processor to shut down if not in use, hence lowering overall heat output...
After poring over the hp site, they recomend a bios upgrade..
here is the page to donwload the upgrade..http://h10025.www1.hp.com/ewfrf/wc/softwareDownloadIndex?softwareitem=ob-65442-1&lc=en&dlc=en&cc=nz&product=3689033&os=2093
this will help the motherboard and brain run more efficiently ( with less heat) and should stop the laptop from overheating and the fans running all the time..
If you have never flashed bios before.. the most important thing is that the computer doesnt lose power, so make sure the battery is charged, and the computer is on ac power..
Now if your computer has been overheating a lot and cutting off. you may want to let it cool down first..
If you have changed the power setting to power saver, let the computer sit there, on a hard surface, in a well ventilated area.. see if it cools down, and the fans stop running, if it does, then install the bios update..
if it doesnt, shut it off, let it cool down, and then install the update quickly once its cool..