UPDATE!
The problem has been fixed! Although I had to take extreme measures to fix it, and I still don't know what caused it. It was a database problem, but not the normal kind of corruption or bad tables.
I noticed that while the phpmyadmin control panel showed a database size of 24 MB, the actual size when I expanded the table structure was 12 MB.
So I dumped the database, and then created another blank database and imported the contents. I changed the config.php info in the vbulletin includes folder to reflect the new database name and server and VIOLA! It was back to normal!
Now the arcade is fast again, loads in about 1 second with 286 games listed. Its incredible. The only thing I can figure is that I must have manually screwed up something. It is as if it was logging everything twice in the database somehow.
Anyway, the important thing is it wasn't any conflict with this mod and others (as far as I can tell) It was simply an anomoly that slowed everything without causing errors. Strange indeed!