I'd like to pay your attention to Stellio Player UI (w jFrost theme) — see attach.
They optimally distribute space, as I think. The main screen contains artist, title and album in 3 separate lines that excludes shortenings. The cover art is free of any other elements. The progress waveform and btns are independent. The UI is clear and neat.
Poweramp's UI (as compared to Stellio) has some shortcomings. It looks some crudely. It's waveform is too thick, you can isolate it from buttons. The titles overlap the cover and has shortenings. And there are two bars with buttons — visualizer/timer/... and lib/sound/... It occupy a lot of space. Maybe one bar is enough, w some options in menu.
So I hope you'll find a good solutions to improve your UI.