Jasper Potts rocks. He sent me an enhanced version of InfiniteProgressPanel. This new version speeds the rendering by about 50 times. He basically caches the colors and takes a screenshot of the underlying window to use it as a back buffer. Instead of rotating the bars as I have done, he simply offsets the colors used (I thought of this but I was too lazy to implement it ;-). The only problem with the backbuffer happens when you want to let the user see things change through the panel. It is very unlikely to happen anyway so it is great stuff.
Thanks a lot Jasper :)