Just by joining several channels, I have roughly 17 or so, spanning a few networks (friends unable to all stick to one..) and then swap between the channels. I'm using the CTRL+TAB/CTRL+SHIFT+TAB shortcut to do it
Anyway I should apologize for failing to see what I was doing myself, and making you try to repeat my issue when it's most likely not mIRC being weird. I noticed the slowdown seems to only happen if I run certain games in window mode, they don't really slow anything else down tho and in older versions of mIRC I would occasionally get it if they were using AA, but a clean version of 6.35 works just fine while they are running.
Again, sorry for misinterpreting what was the cause and not properly providing the information.