OK so... I changed some of my images to AtlasSprites, about 20 of my images in total and I cut my loading time to 1/3 of the previous one. It has proven a little tricky with regards to placement but it has been worth it. Now it is almost imperceptible. One of the PNGs is smaller than 3 of my previous ones.
I used this texture packing tool: http://zwoptex.zwopple.com/ recommended by the guys on this thread: http://www.cocos2d-iphone.org/forum/topic/3112 and used the generated coordinates plist to figure out the rectangles for my Sprites.
Thanks a million for all your help. If anything new develops I will keep this thread updated.