Did you make it as one booking with just one PNR? if so, you can check your bags straight though to your destination and simply use the transit lounge.
If it is on two bookings you are at the mercy of Air Asia to check your bags through to the final destination. If they decide not to, you will have to pass through immigration to collect your bags and check back in.
<<If it is on two bookings you are at the mercy of Air Asia to check your bags through to the final destination>>
If it's not a fly-thru ticket, ie all on the same pnr, you are also at the mercy of the airasia staff at origination to treat you as an int'l transit passenger and not as a passenger with a journey which technically terminates in Malaysia and therefore requiring the proper visa to board.