OK, I was wrong about the hashing -- I hadn't realized that it was a one time only process.

BUT

I am not wrong about Window Manager hogging the CPU.

I am now at the point that Window Manager claims 97% of the CPU whether I launch from the application or from the Terminal Window. Since the only thing I've changed is moving my Shared Folder from the Systems partition to my data partition, I have to assume the problem is yet another LimWire/java/OS X incompatibility.

I wasted the entire evening chasing this down, and now I'm out of ideas.