clicking on report is slow to load

Steps:

Click on Project, the project page loads. Click on Time Sheet Report link It takes 40+seconds to load the param page.

judging by the parameters and what is loaded on the screen, it may be slow due to the drop downs that get loaded. We do have a lot ~200 groups, and access to ~500 filters and 800 custom fields. When you click on the report link to bring up the parameters page, the CPU on the server spikes to 100% for the 40+ seconds to load.