Basically it comes down to how on-time your flights are. Given you've got to pass through immigration, collect your bags, pass customs, head up to check-in again and Air-Asia closes check-in 45 minutes before the scheduled flight time it gives you about an hour to do all that.

If the flight's ontime then you have no worries, if it's more than about half an hour late then you're looking at the potential for issues. As you're probably already aware, if you're too late then it's time to buy a new ticket on the next flight. That being said even with the added cost of buying a ticket on the next flight you'd still end up ahead.