Lag for unknown reason (Tekkit Lite)

[WOLF81]

Please pardon my ignorance but it has been quite a while since I have been any part of minecraft so this may have been done to death. feel free to roast me as required if so. Anyway, my issue:
 

I have not played tekkit lite for some time and now, it's unplayable. I used to run it as a server on my PC with my family (same version as current) and yet I try to run it today as a simple single player game and it is extremely laggy. My hardware has not changed so I'm guessing it must be a software issue but not sure what. I have the latest Java 8 installed to which from some research appears to be a cause of my issues. Not 100% sure on that though. Anyway, I have tried many different means to rectify this concerning java including uninstalling Java and installing the newest java 7 version to which made no difference. Any advice would be great.

 

 

Here's the link to the log. Please note that previously I could run it perfectly fine with full quality settings and 5 users logged in without issue, and now single player and minimal quality to which is unplayable.

http://pastebin.com/61MCiuqL

Edited October 26, 2014 by WOLF81

[plowmanplow]

Just for giggles, how does it perform if you use the latest Java 7 instead of Java 8_25?