OTT - over the top
I've used Blowfish, and tried to use CBC, but ran into some diffs, about three years now... can't remember the issue. But the BF scripts are still working though not for CC info anymore

- there's dough in converting bad code
If speed is going to be an issue, I'd be looking for the quickest way to get it to swap (How that's not going to hit the disk is a bit beyond me). Blowfish is one overhead, and then to take the previous eight bytes as a seed to the next eight bytes, that's two much like hard work for not enough return IMHO.
It might be an idea to use some compiled C code to handle some of the sensitive CGI operations.
There's PAR and perl2exe, but they're both going to leave enough to decompile
Can you be as vague as possible without giving anything anyway as to the type of application, nature of deployment, etc, etc
I'd hazard a guess at an e-commerce app, but the hand-off to the back office systems should leave more than enough room for data obfuscation to give any wouldbe prowler homework fo rthe next n years
--Paul