Alright, I let it run for 7h 30min. I forgot to mention that in the old code, I wasn't properly releasing the accelerometer instance when you navigate away from the app. I have since fixed that.
I've literally scoured all parts of my code to see what else could be leaking or running when it shouldn't be, but have found nothing more.
I put my Lumia 920 in Airplane Mode, loaded up ProShot, took about 6 or 8 pictures, switched modes around, turned histogram on / off, etc. The phone was left to run with the system's camera as well as ProShot in the background. The battery drained 10% (from 50% to 40%) in the 7h 30min I let it sit, but since battery reporting in general is prone to inaccuracy, this is going to require more tests. I will do my best to run these tests over the next few days for comparison. I need to establish a base, add other programs to the background, etc. I'll report back in a few days with my findings.
Update #1: After a clean boot, I loaded up the new version (2.5) of ProShot, sent it to the background and let the phone sit from 7pm. The battery level read 37%.
It is now 3am and 8 hours later, and upon unlocking my 920 I was surprised to find that the battery level still read 37%.
Update #2: I let the phone continue to run in its current state overnight while I slept. Woke up, battery still at 37%. I think it's looking good now! The issue was most likely caused by not properly releasing the accelerometer. The fix will be coming in v2.5, which I will submit for approval once 2.4 is published (Tuesday ish?)
Thanks to dougger1977 for bringing this to my attention!