I had the same problem on my Mac Pro with Lion OSX 10.7.6 and I resolved this slow TM backup issue by deactivating Spotlight indexing on the backup volume with mdutil before starting the first backup (Full Backup) on my freshly erased backup disk.
I first erased the disk with Disk Utility (i already tried to erase the disk only but it didn't fix the issue). After the disk has been erased and mounted, i disabled Spotlight indexing on the backup volume this way in a terminal window:
sudo mdutil -i off /Volume/name_of _my_backup_volume
Then i remove the .Spotlight-V100 directory from the root of the backup volume:
sudo rm -rf /Volume/name_of_my_backup_volume/.Spotlight-v100
I reassigned the backup volume to TM. TM started the full backup a few minutes later. It took 4 hours to backup 245 GiB on an external USB 2.0 WD disk.
TM recreated the .Spotlight-V100 in the root directory of the backup volume and reactivated the indexing but this time on /Volume/name_of_my_backup_volume/Backups.backupdb. You can check the indexing status by entering the following command in a terminal window:
sudo mdutil -s -a