You'll lose power management, deck lid switch, etc. but this should isolate any related issues that can cause the slowdown and CPU grab. There are some flaky things going on with ACPI in the recent kernel releases. Among other things, excessive timer interrupts can eat the CPU, which would not show in the process list.
I've been digging into this for the last few weeks because Debian Lenny is very hard to get going on my work HP 6515b with ACPI enabled (both x86 and amd64 flavors). I finally got things halfway stable booting with pci=noacpi.
I suspect the wireless issue may also be kernel related. So far, I've been unable to get any wireless going on the 6515b (includes the onboard Broadcom 4311, an Atheros Cardbus card, and a stone age ADM8211 802.11b only card and using all drivers I could get my hands on.) The drivers load, but an occasional spurt of time-out errors in the dmesg log is all that happens.