Thanks for the reply. Finally after more digging I found this command which lead me to find an additional snmpd.conf defined in /usr/share/snmp/.
Code:
net-snmp-config --snmpconfpath
In this snmpd.conf I found old Velocity and Omegamon OID's. These were used to test out some monitoring software long ago and the source of my issue. I simply renamed this file to have it ignored, restarted snmpd and tried to recreate the issue; no more high CPU or snmpd crashes.