I think it's definitely worth a try...
Hello!
Unfortunately, I have tried this (to my detriment; I have code due tomorrow still!), and basically replaced the equivalent of this in the RAF 1.7 code (dhd_cdc.c and wl_iw.c have the PM_MAX vs PM_FAST thing).
My zImage came out almost a whole MB smaller (probably a toolchain thing), but the wifi problem while sleeping still exists, at least the symptoms that are linked in
http://code.google.com/p/cyanogenmod/issues/detail?id=2403 with the similar fix of PM_MAX vs PM_FAST. That is to say, if I open the terminal and ping google.com, when the screen is off I get 300ms pings and when the screen is on I can get 3ms pings.
This happens whether I change PM_MAX or PM_FAST.
So this isn't the fix for what it's supposed to fix (or maybe I'm doing it wrong, toolchain's wrong, something), but I'll give it a few days to figure out whether my wifi drops more or less. Hopefully less.
(My symptoms are that, on campus, I have no problems with wifi, but sometimes if I leave the wifi zone and then come back, it'll report still having an IP lease and everything, but all pings and connectivity-type things such as web browsing will time-out. Not sure if this is what is being discussed here, but I thought it might help!)
Thanks,
Jeff
PS If you want the zip just to give it a spin, pm me or I might attach it here. That said, it might break everything!

No obvious problems on my phone yet, though, so...
EDIT!: Of course, I invite anyone (especially rafpigna; perhaps you've tested this already?) to double check my work. It's possible I might've misplaced something!
I didn't do anything advanced; just pick up the CodeSourcery toolchain (free) for ARM (not GNU/Linux) and then install it on a Linux machine (it's possible with Windows, probably, but it'll be harder with the RAF build.sh). Then, make sure you have make and gcc packages on your Linux machine and then put your sources in the right directory and then try running the build.sh! rafpigna documents his work very well.

Thanks rafpigna!