Heres my latest update with the Bluetooth problem.
I did a clean reinstall of Yosemite to wipe any possible conflict from my end of the matter.
The system worked smooth for a few days as I caustially added programs like VLC and didn't use Bluetooth, just plugged-in headphones.
I started to use bluetooth and the lagging problems started again. What's more my memory and CPU problems also started acting up tho I dont know if they're related.
And this was with a clean system i.e. no weird 3rd party applications.
so i erased the harddrive again and did an Internet Recovery process, bringing my late 2012 iMac to Mountain Lion.
I was headed to Mavericks OS and decided to do a quick test of Mountain Lion.
In mountainlion I checked the Activity Monitor and all the processes that were taking up large amounts of memory or CPU usage were gone.
I used iTunes to test the music.
What I noticed was in Mounatin Lion, bluetooth worked.
If I was performing another big process it would clip but it was different kind of sound problem than Yosemite.
While Yosemite, upon these "skips" whether it was the system thinking or a quick break up of connection between comp and external hard drive the sound would skip.
But it would also find its previous place in the song and I suffered no delayed audio just stuttering, which was minimal. Way better than whatever Yosemite was doing. I'd be interested in how bluetooth works. Just before I did a Mountain Lion reinstall, I noticed in the Clean version of Yosemite that upon sound skipping (the point at which the BT headphones would go out of sync and start delay) the headphones could find their proper place again after the skip.
After a delay in audio I would press the pause button and the headphones would "find themselves" again at the last point in the song or video.
Now I'm in Mavericks and I'll try this system. So far i already have 550 mbs dedicated to "kernel task" which is the same as Yosemite. Mountain Lion had no processes this large in the short time I spent with it. I've yet to try Bluetooth with Mavericks but it was definitely a step in the right direction getting out of Yosemite.
My two cents.