This work revisits a recently proposed precoding design for massive multiple-input multiple output (MIMO) systems that is based on the use of an instantaneous total power constraint. The main advantages of this technique lie in its suitability to single RF MIMO systems coupled with a very-high power efficiency. Such features have been proven using simulations for uncorrelated channels. Based on tools from random matrix theory, we propose in this work to analyze the performance of this precoder for more involved channels accounting for spatial correlation. The obtained expressions are then optimized in order to maximize the signal-to-interference-plus-noise ratio (SINR). Simulation results are provided in order to illustrate the performance of the optimized precoder in terms of peak-to-average power ratio (PAPR) and signal-to-interference-plus-noise ratio (SINR).