Yeah, the main setting to check out is the description refresh rate setting; it's 30 by default. That basically controls how frequently the mod scans around for your proximity to items and such, as well as fetching descriptions and formatting their line count and such, which is the bulk of how EID could cause lag.
The Bag of Crafting recipe list can also tend to cause lag, although I've tried to make it run in the background to avoid frame drops.
Is it only tanking while a description is on screen? Long descriptions (pandora's, magic skin) can especially be bad for worse computers. If one short description being on screen is laggy for you, I'd be curious what your specs are.

I did some more troubleshooting, and I can now play the game with the mod active at 60 fps. The trade-off is that I can't play music from my computer in the background. I think my CPU was having bottleneck issues. Very odd.