At this point it is hard to tell exactly where your bottleneck is but I suspect that its either your IO or your memory is not tuned. You should installed bos.adt.samples fileset which will give you the vmtune option. This does not require a reboot.
Since there is about 1 Gb swapped to paging, we can help that by tuning memory with vmtune (Lower the maxmperm and minperm within vmtune). I suspect that during your slow periods, the fre column in vmstat drops dramatically but you will need to run it during the slow periods to confirm. If so, we can raise the free list with vmtune to increase the application response times.
Once you get vmtune installed, run /usr/samples/kernel/vmtune and also /usr/samples/kernel/vmtune -a