Optimisation is what makes JVMs viable as environments for long running applications, you can bet that SUN, IBM and friends are doing their best to ensure they can optimise your bytecode and JIT-compiled code in an efficient a manner as possible.
With that being said, if you think you can pre-optimise your bytecode then it probably won't do much harm.
It is worth being aware, however, that JVMs can tend towards performing better (and not crashing) when presented with just the sort of bytecode the Java compiler tends to construct. It is not unknown for optimisations to be missed or even for the JVM to crash when permutations of bytecode occur that are correct but unlike what would be produced by javac. Hopefully that sort of thing is more in the past now, but may be something to be aware of.