What you do is mix in sections.... and then freeze/unfreeze those sections....
So, for example, mix your drum parts and then when you have that section mixed, freeze those parts and move onto the next section and so on...
Freezing, frees up your CPU for other tasks.. so you have to plan ahead a bit... to get the most of it... and yes, there will be some limitations as you have mentioned but again, with some preplanning, you can make it work.
Note: Even on the latest Macs running the latest OS X / Logic pro X combos.. for larger projects, Freezing is still an essential part of optimizing performance in a lot of cases.
Also, if you are using multiple FX plugins..... with the same or similar settings on multiple tracks.. Start using Buses/Auxes to reduce the number of different FX plugins...
As for your actual issue..
Your Mac is simply not powerful enough to handle the projects you are creating...
But, unless you are willing to buy a new Mac.....
Things you should look at upgrading would be;
RAM (making sure you run Logic Pro 9 in 64bit mode to take advantage of that extra RAM) will help to some degree depending on what your projects contain. Example: The more samples you are using then more RAM will help...
Rolling back to Snow Leopard rather than using Lion... as SL + LP9 is still the optimal combination of OS X and Logic at this time... (Better than any OS X and Logic Pro X combo I might add..) Note; Modern Macs cannot run Snow Leopard.... as SL doesn't have the support for the latest hardware in modern Macs..
However.. given the age of your iMac and it's specs.. and the size of projects you are trying to create.. I think your best bet is going to be.. buying a faster, more capable Mac... One that has an i7 Quad Core and is upgradable to at least 16 GB RAM... The 2011 iMacs work very well in regards to this.. I have two 3.4Ghz i7 16 / 32GB Ram 2GB VRAM 27" 2011 iMacs... running SL and LP9 and frankly they outperform the more modern iMacs running Yosemite and LPX by some degree.
You can still find these 2011 iMacs if you search carefully.... They even still appear on the Mac Refurb store from time to time.. at a great price and with the full normal Apple Warranty...
Besides that model, if you are going to buy any new Mac, the Apple refurb store is one to check first.... for good pricing..
This third party website is great for finding out what is, and tracking the prices of stock in, the refurb store..
https://www.refurb.me/us/