Not a direct answer, but may help you get more forensics...
Do you have 'sar' handy? (in /usr/bin/sar on my distro) "sar -d" (if your distro sets up crontab entries to run sar data collection periodically) will show you disk i/o info.
You can also get realtime sar data with "sar -d <interval> <count>". eg, 60, 1sec bins of info... "sar -d 1 60". Run that command, then do whatever makes the disk thrash and slows your box...
Sar can also monitor CPU usage, swap usage, etc...
-c
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