I am starting to think that when you say "erasing cluster tips", you are referring to the whole free space wipe process. That can take a day, depending on the speed of the machine and the size of the drive, but erasing cluster tips on its own should not take that long. Anyway, as I said, I'd advise you to uncheck the option to erase cluster tips when you are erasing free space on the C: drive. The degree of compromise to security is probably minimal - much less than the likelihood that you have left personal data undeleted (it is really hard to remove everything you need to).
With a laptop, power outages are not much of an issue; even if the battery runs down, the machine should hibernate or shut down gracefully. In any case, the standard file management routines built into Windows are designed to have the kind of transactional security you were describing for databases; if it were not so, we would see far more file corruption than we actually do. Eraser uses the low-level routines built into .NET, so there is (unless Joel advises otherwise) no need for the feature you were requesting.
I'm not particularly a LInux fan, but I much prefer the way that Linux separates data from programs (and partitions from physical storage devices) to the mess that is a standard Windows installation. In their laptops (or at least all that I have used), Acer wisely partition the physical drive into system and data drives, though they do leave it to the user to move the data (and the standard locations such as My Documents) to the data drive. Now that newer laptops have hard drives of 250GB or more, I'd recommend this approach to anyone using a laptop as their sole machine or for mission critical tasks. That way, if malware takes down your system drive (I see it happen often), you can format it and reinstall Windows with your data untouched. And it is much easier to back things up and use utilities like Eraser if you keep all your important data on a non-system drive.
Your reference to truncating files suggests a degree of confusion. Erasing cluster tips does not change the file size (or the file data). All it does is overwrite the unused space between the end of the file data and the end of the last block allocated to that file. That space is inaccessible under normal circumstances (you can of course read it with a hex editor); the reason for overwriting it is to remove any bits of a previously deleted file which might remain in the unused space.
I hope that these explanations are useful.
David