Just recently, the latest CyanogenMod nightly began supporting encryption on my phone, even though the bugreport still says it's an open issue. I don't mind. Anyway, this allowed me to finish a major project of mine: Protect the data on my phone, even in the case of a theft, while maintaining the ability to use the device conveniently.
The goal. I want a strong disk encryption password, but i want a weak screen password or PIN, because unlocking the device is a frequent task. In such a scenario, it makes sense to implement an account lockout policy: In other words, we want the phone to shut down after, say, 3 failed attempts to unlock the screen. This prevents the screen password from being brute forced.
Your device needs to be rooted to do everything I did. You will also need the Android studio if you want to do this properly, and it's a large download, you might as well start now. Click here if you're still interested.