Thanks Igor for the hint. I will try that next time when I recompile the kernel.
Things are really looking bright by now. I have meanwhile found a path through the jungle - I just recompiled everything from scratch and then implanted the modified sunxi-codec.ko from the .deb into the live system.
I then only had to modify the synthesizer source a bit to make it request a smaller buffer size and have already managed to get an output latency of 1024 samples@44100Hz (roughly 23 ms) without any dropouts.
This is a very god start since I haven't implemented any optimizations on the source code yet . (I assume the process is running on a single core now.)
I can not thank you enough for making Armbian available and for the efforts you are taking to provide such good support to your users. I would have surely abandoned the Banana Pi alltogether if I had not found your project since without Armbian I never would have been able to access the power of that little big machine.