Further troubleshooting for my situation confirm that there is a conflict between having external three conductor 1/8" audio jack plug into my MBA at the same time when having thunderbolt HDMI cable plugged into external HP display going to sleep is fine however on wake there's a conflict between the audio assignment of these two devices causing an OS X crash where keyboard entry from the MacBook Air is no longer feasible to log into the system forcing a hard powerdown reset.
Interesting tests prove if you plug-in Apple earbuds with the four conductor 1/8"'audio plug into the MBA audio port there is no problem as OS X likely sees these earbuds as a smart device versus a standard three conductor audio cable plug to external speakers or not. Several different Three conductor audio jacks/cables were tested and the crash upon sleep wake continued.
After three conductor audio jack is plugged in but the HDMI is removed from thunderbolt then you wake the computer there is no conflict and it functions as intended No crash full functionality of all keyboards and mouse and put work correctly.
Likewise conversely if you unplug the three conductor audio jack and just leave the thunderbolt HDMI external display plugged in upon wake everything functions as intended so it's not specifically related to external display or audio cable but when both are connected that the conflict crashes the system Upon sleep wake.
Be reminded this configuration and scenario work perfectly fine prior to Yosemite OSX 10.10 update.
Even went to the sound audio settings and forced audio output two headphone audio and crash and still consistent one HDMI is connected to thunderbolt port waking from sleep.
Likely some trimming issues going on with the new Yosemite to do with audio assignment and potentially AirPlay. AiPlay was not being utilized however I have to Apple TVs that are in the background with AirPlay showing and the audio configuration settings but they were not being utilized at the time of these crashes.
This issue has no variance regarding MBA screen is open or closed when putting to sleep and wake initiated by typing keyboard key.