Existing schemes for cache energy optimization incorporate a limited degree of dynamic associativity: either direct mapped or full available associativity (say 4-way). In this paper, we explore a more general design space for dynamic associativity (for a 4-way associative cache, consider 1-way, 2-way, and 4-way associative accesses). The other major departure is in the associative control mechanism. We use the actual instruction level parallelism exhibited by the instructions surrounding a given load to classify it as an IPC k load (for 1 ≤ k ≤ IW with an issue width of IW) in a superscalar architecture. The lookup schedule is fixed n advance for each IPC classifier 1 ≤ k ≤ IW. The schedules are as way-disjoint as possible for load/stores with different IPC classifications. The energy savings over SPEC2000 CPU benchmarks average 28.6% for a 32KB, 4-way, L-1 data cache. The resulting performance (IPC) degradation from the dynamic way schedule is restricted to less than 2.25%, mainly because IPC based placement ends up being an excellent classifier.