Actually, something that's helped the reliability of this app on my phone (rooted Huawei Ideos X3 with Eclipse ROM) is an app from one of the other developers on this forum: VM Heap Tool.
I found out my VM Heap was even below the Gingerbread default, so increasing it to 32Mb not only stopped my home screen launcher from redrawing constantly, but also helped the Holo Locker work nice and smoothly... I'm not longer getting it glitch out and display the default gingerbread lockscreen when the Holo Locker tries to come back on after being cleared from memory.
Using the back button in the settings menu works fine at stopping the locker from unlocking into it.
The other issues I can more than live with... long pressing to get recent apps isn't really a problem for me (would be useful to be fixed though), and still being able to pull down the notifications panel is a bit of a pain, but for the time being you can hide it in the settings menu.
EDIT:
Just updated... disable status bar is awesome. Although, even though it does what it says it does, upon attempting to pull down the status bar, it partially pulls down, then pings back up. Admittedly it's fairly funny to watch, but in the interests of giving detailed user feedback, it's still not quite a perfect fix >_>
Thanks for your ongoing work though