The delay between me pressing the power button and the phone actually waking up is annoying. Is there any way to optimize this?
On a ROM supporting this, setting the CPU governor to "performance" will help a lot. This is not a practical solution though as this means that the CPU will always run at its maximum frequency which wastes a lot of energy.
Widget locker has an option to reduce that time lag. Might work for you.
Try to download 'wakelock' on playstore and set it to 'partial wakelock' and you're done.