Forgive me if I am telling you something you already know, but the most common reason for running devices at 3V is so you can run them from either a pair of 1.5V batteries or a 3.6V lithium battery. If this is what you are trying to do then thats OK.
If you are trying to use less power not voltage (to make the batteries last longer or componants run cooler) then running at 3V may not help much.
While some processors use slightly less power at 3V, most devices still need to have the same input power input to work, so they draw more current.
Power = volts x amps, so if you have a device that needs 1W to operate, it will draw 200mA at 5V (5V x 0.2A = 1W).
The same device at 3V will draw 330mA to use the same power (3V x 0.33A = 1 W).