It is possible to work around :escape command limitations using registers and :bindkey command. Just put this in .screenrc:
# reset escape key to the default
escape ^Aa
# auxiliary register
register S ^A
# Alt + x produces ^A and acts as an escape key
bindkey "^[x" process S
## Alt + space produces ^A and acts as an escape key
# bindkey "^[ " process S
See http://adb.cba.pl/gnu-screen-tips-page-my.html#howto-alt-key-as-escape