Check out this article, it has some good information about the way in which Logic handles processing over multiple cores. It might be helpful.....
http://support.apple.com/kb/HT3161
im just thinking.....i have just installed a bunch of PSP plugins, could that be causing the problem.
Anytime you introduce new 3rd party plugs, and then your performance tanks, there is a good chance those have something to do with it. I'd take them all out of your project, then add them back in one at a time, and see if you can figure out which one is causing the problem.
Also, make sure the I/O Safety Buffer is UNCHECKED. With that on, it causes lots of performance problems and therefore you're going to set your buffer higher.