Experiencing massive slowdown in Project M. What are the proper settings?

[Thethiala]

Also note that any of the new models introduced by Project M (Roy, Mewtwo, alternate costumes) are more taxing than they should be currently. If you only have one of them in a match you should be fine, but when you have three of four it'll cause severe lag. They are looking to fix this in a future release. I don't know if this is the cause of your problems, but you should be aware of it.