Try testing standby modes with the usr/sbin/rtcwake utility.
$ rtcwake –d /dev/rtc0 –s 5 –m standby
-s 5 sets the number of seconds before the system wakes up. –m standby places it into standby mode (sleep is another option).
The source for rtcwake can be found in ltib/rpm/BUILD/util-linux-ng-2.13/sys-utils after extracting it from ltib. You may need to set some kernel options as well to include this in the rootfs (I forgot which ones, but it may be part of imx-test). The source code illustrates how to handle sleep and RTC wakeup. Adding another wakeup source (i.e. Modem) should be relatively straight-forward.
Also, look at the rtc-test source code in ltib/rpm/BUILD/imx-test-10.12.01/test/mxc_rtc for more examples.
Be sure to apply the attached patches or the USB will stop working after a while when going from runàstandbyàrun. (SDK 1012).