As I have seen, most find wiping their iPhone clean for a major iOS release as too cumbersome. I understand it might well be.
(btw, the 5000+ emails to copy over, over a good wi-fi - how long will that take? 10mins max? is it important to have them all at once back on your phone?)
I have been going through 3 releases of iOS (6,7,8) and each time somebody is complaining about the battery draining, soon after release.
That being said, and I will not deny that some of you have issues, installing a new major release of iOS on a previous version with a lot of apps (are you using them all, really?), which are not necessarily updated yet to the new OS version, might cause issues which are out of Apple's control.
Typically battery drain and heated phone are due to non-Apple apps misbehaving and running the processor at full speed in loops.
The new battery consumption overview in iOS8 actually will let you soon identify what is draining the battery the most.
If you don't want to wipe the phone clean, how about one trying of the following:
1) back up (both on iTunes and iCloud to be extra sure - and yes, you should get rid of all the pics and music on your phone, as well as all those apps you *never* use, which you should already have saved on your PC/Mac already - BTW, not a good idea to keep a single copy of those pics on the phone only...), then restore the iPhone with iTunes (which first wipes clean the phone, then installs the latest version of iOS) from the back up - after half hour/1 hour, the phone is like where you left it, but the iOS has been installed brand new from scratch and not on top of the existing iOS version;
2) or update the iOS (if your iPhone is full and complains about space - do some necessary spring cleaning or install from iTunes!!), and then perform a "reset all settings" (NOT "erase all settings and data"!!!), and after reboot, you surely need to setup a few settings, but at least no apps will have already started using GPS, and background app refresh and so on. It will be like you have installed from scratch, at least as far as the overall iOS settings go.
The 2 above, not quite like a full complete wipe, should get rid of most battery drain problems. If it worked before with iOS7, it cannot simply not work anymore for a hardware problem with iOS8, and considering that Apple has something like 4 phone models to take care of, the chances of non Apple apps causing the issue is *extremely* likely (many app developers are slow in updating the apps, and if they do, they might not even follow all recommendations or use the latest features offered by the iOS to actually *save* battery - e.g. the updated location services settings).