When leaving combat I'm getting a split second of lag (as if FPS drops to 0 briefly), as the play session goes on this split second gets longer and longer till its more like 1-2 seconds.
I've narrowed it down to this addon by disabling everything else.

What version of the product are you using?
r483

Do you have an error log of what happened?

2x ...Ons\Baggins\libs\LibGratuity-3.0\LibGratuity-3.0-90042.lua:213 script ran too long
...Ons\Baggins\libs\LibGratuity-3.0\LibGratuity-3.0-90042.lua:213 in function `SetBagItem'
Baggins\Baggins-Filtering.lua:1296 in function `Matches'
Baggins\Baggins-Filtering.lua:359 in function <Baggins\Baggins-Filtering.lua:330
Baggins\Baggins-Filtering.lua:349 in function <Baggins\Baggins-Filtering.lua:330
Baggins\Baggins-Filtering.lua:409 in function `OnSlotChanged'
Baggins\Baggins-Filtering.lua:320 in function `CheckSlotsChanged'
Baggins\Baggins-Filtering.lua:472 in function `ForceFullUpdate'
Baggins\Baggins-r483.lua:557 in function `?'
...ceBaggins\libs\AceTimer-3.0\AceTimer-3.0-17.lua:53 in function <...ceBaggins\libs\AceTimer-3.0\AceTimer-3.0.lua:48

Locals: