When I build a kernel, I copy an existing PCLinuxOS .config, then go into 'make menuconfig' and change only those specific items that I know what I want them to be. I use a clean kernel each time, but I don't rely on the scripts, I just delete the unpacked source and untar the .xz. You can speed up the build with ccache. I believe it works even when you've deleted and started over, but I haven't tested the theory. I don't worry about the number of modules, although the script that builds the rpm compresses the modules. I think that it is an option in 'make menuconfig'. As far as the choice of 3.7.1 is concerned, that is a good choice if you are not interested in making livecd's with it. Our livecd's use unionfs by default, and unionfs is no longer maintained, so we need to switch to aufs. This appears to be really easy, but it will need to be tested. I am trying to get a .pae.bfs kernel for testing, but I've run into a couple of problems that need to be solved first.
Galen