Hi Dove - and any others reading this:
Distnoted is definitely the one hogging all the CPU and killing it fixes the problem immediately. There are usually several instances of it in Activity Monitor, so force quit the one that says it has been running for hours (if you have one). From some of the reading I have done around the place this is not necessarily a problem with distnoted, it appears some other apps can cause it to go manic. Finding which ones is the problem.
At the time mine started to grind to a halt - I recognise the symptoms now and get into console and AM straight away - my CalNCService was going nuts and recording a time out error every 5 seconds.
I googled this service and found this tip:
http://www.dgkapps.com/blog/osx-tips/osx-tips-turn-off-disable-calendaragent-fro m-the-command-line/
And also this thread on Apple Support:
Recentsd and Calncservice processes Yosemite
I will be trying the first option as I use Outlook and don't need my notifications duplicated. Will report back if it fails.
There is a mention of killing any or all of your notifications in system preferences.
There was something else but my mind has suddenly gone blank - like my console does then this happens!
By the way, killing the distnoted service also fixed the keychaincircle and escrowsecurityalert that were not responding. I am not sure if they are linked as there is nothing when I google that.
EDIT - remembered what I forgot! I have an MBP running exact same OS and apps and have none of this issue on that....