Hi Lavanya,
I am not familiar with this "cache test and wake test". what is it ?
If the intention is to identify the performance impact on the agent side with the tuning of those caching parameter then I would suggest running a load test with the agent tracing enabled . Then run policy server trace analysis tool and check the throughput/average response time etc.
Change the setting, restart web server, rerun the test and perform analysis again and compare what works best for you.
Regards,
Ujwol