Update...
My prior post is based on the assumption that you want both to have long operating time on the battery with Intel and the ability to switch Nvidia on for performance without re-booting.
Internet tells me that the BIOS of the T420 allows the enabling of either Intel, Nvidia, or combined(Optimus) graphics. However, switching settings in the BIOS between Intel and Nvidia means your linux installation then boots on a different system, loading a module for the whatever graphics it finds. You re-boot with each switch.
That shouldn't be a problem, it's what a linux live-cd does when it loads, but you doubtlessly want to use the Nvidia driver, and I propose a test. Download and burn a copy of PCLinuxOS, which has the Nvidia driver pre-configured and try it on any laptop with Nvidia you're considering, first with the BIOS set for Intel, then for Nvidia, and look at "lsmod" or "dmesg" to see what is loaded.
You could of course use only the Nvidia setting, use "cpufrequtils" to limit the performance of the CPU, and accept what you get for battery performance.
On the other hand, Bumblebee on a T420 gives you the advantage of the dual graphic chip function, in effect, as under Windows, throttling the graphics according to load.
http://www.pclinuxos.com/?page_id=10