I don't imagine I have more fonts than the average designer, and still, this isn't an acceptable rate of performance for a system that steadily handles much loftier tasks.
With all of my fonts highlighted, I ran a font validation in Font Book. I then disabled the fonts that came up with red X's. For the fonts with yellow !s, I went to Edit > Resolve Duplicates. That didn't outright solve the problem, but now the Type-Tool freeze isn't as long as it was - still an unacceptable wait for something that was instantaneous in previous versions of the software.
I've since read that this problem can be caused by bad fonts that don't throw up any red X's during font validation. The way to identify these fonts is by process of elimination - turning half of your fonts off, and then half of what's left, etc. The problem with that is, you may have multiple fonts causing the error.
I have found that the issue with font is related to size and bit depth more the machine, I was working on a comp that needed a 1280x14000 pixels layout. I made the mistake of using 16 bit and tried to use text. I had to wait almost five before it would let me type anything. I then made smaller layers and just placed them in to the larger comp. While this is not a solution it is a work around.