This can be caused by a minor design fault in the way Appleworks deals with recent items.
It doesn't delete old ones. This has to be done manually.
They are normal aliases and are located in Documents/AppleWorks User Data/Starting Points/Recent Items
Deleting these solves the slowdown.
Alternatively, the recent items feature may be disabled.
User Agent: CCBot/1.0 (+http://www.commoncrawl.org/bot.html)