After adjusting quite a few settings I am able to achieve actually beyond the stated battery life (between 37-38 days) in SmartWatch mode while still being highly usable. To do this:
1) Ensure pulse ox is set to on-demand only.
2) Gestures off; alerts set to vibration only,
3) Backlight set to lowest setting and timeout set to 4 seconds.
4) Disable music.
5) Using "data lover" watch face with seconds disabled, heart rate display disabled, and steps disabled.
6) WiFi, BlueTooth, and wrist heart rate monitoring are *enabled*.
7) On your phone, think through what notifications you really need and disable what is not relevant.
8) Expand sleep hours to the entire range where you don't need/want notifications - maybe 8pm - 7am of course depending on your needs.
9) Disable garmin share and sensor auto-discover.
10) Disable heart rate broadcasting.
11) Disable phone connection alert.
12) Disable voice alerts.
13) MoveIQ disabled.
During activities:
1) Backlight set to lowest setting and timeout set to 15 seconds. Gestures off. (Remember you can shine your headlamp on the display to see it at night).
2) Use regular GPS for road run and SatIQ for trails.
3) Alerts set to vibration only.
4) Stay off the map page unless you need it.
5) WiFi off during activity; bluetooth on; heart rate on; pulse ox to manual/off.
6) Make sure data recording is set to Smart and not "Every Second".
7) Auto scroll disabled.
Sleep:
1) Backlight set to lowest setting; timeout set to 4 seconds; gestures off.
2) Heart rate on; pulse ox to manual/off.
3) Battery saving watch face on.
4) No notifications at all during sleep - although I keep abnormal heart rate on.
Does this help anyone?