I'm using LauncherPro with PowerStrip. I use to have the same redraw problems with PowerStrip as the default home. Now I have LauncherPro set as the default home and used CyanogenMod Settings . . . Input Settings . . . Long-press home settings . . . Select custom application to make the long press launch PowerStrip instead of recent apps. Now LauncherPro stays in memory and I don't have any screen redraw issues. If I want to access recent apps, I can use that functionality within PowerStrip.
I bet the same setup would work for you with ADW.