What kind of events are you wanting to be able to handle during sleep? According to Adobe's documentation, AIR drops the frame rate to 4FPS when the gets moved to the background or becomes inactive. Im guessing that the screen turning off counts in that regard and that is probably a reason as to why you are only getting a few events a second, but I can't say for certain without knowing what kind of events you are using. As far as using Android's PowerManager WAKE_LOCK feature, Google's documentation says that you shouldn't use that API unless you absolutely have to and if you have to use it, you should use it and be done with it as soon as possible as that API hurts battery life (they even bold the part about battery life). What are you trying to do that requires the app always be on? More details may help myself or others provide other options to accomplish what you are trying to do. If you have to use the PowerManager, you should be able to create an ANE to activate and deactivate the WAKE_LOCK mode, but that might only help the Android/Java side of things and you would probably need to move your event handling over to the Java side of things because the AIR app will still be dropped to 4FPS once the screen turns off.
Adobe AIR * Mobile application design considerations
PowerManager | Android Developers