I'll reply here and to my own previous post.
Try running the LimeWire Uninstaller located in Applications/LimeWire/Uninstaller Data/
and THEN re-install LimeWire 2.9.8.
I don't know how familiar you are with the terminal app and unix commands, but I "fixed" mine by reading the LimeWire installer log, then going through and manually removing all the components that it had installed.
It still acts a little buggy - likes to quit unexpectedly if I run iTunes and LimeWire at the same time. But at least its no longer so slow I can't even use it.
Hope that helps.
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