Yeah, and I cannot use the right ceiling...
2.5GB of paging space isn't bad, but it does mean there isn't enough RAM and that the OS is using the hard drive for additional memory, which would slow you down big time. I also have that problem when I am working in Aperture, and sadly short of getting a new Mac loaded with 8GB of RAM I know I wont be getting away from it. Having your files on another drive will help, but I'm not sure it will make too much difference.