Just noticed that setting the song background to a Color rather than None drops CPU usage to 2% and page faults to 10,000 a second. With an Image background CPU is 52% and page faults rise to 33,000 a second. With a black layer 1 and the song with no background in layer 2, CPU is 100% and page faults 20,000.
Sometimes ScreenMonkey seems to throttle the CPU to 50%, but more normally it goes to 100%.
(Sorry for my first post starting with a problem! I really like what I've seen in a few days of playing with ScreenMonkey. You've achieved something quite remarkable here, even if everything's not quite working for me yet)