Dreamhost says that think they've pretty well solved the blingy-related problems.
On bonk, top is reporting 5-, 10- and 15-minute average server loads of 0.47, 0.64, 2.56. There's 1 task running, and the CPU is running 89.6% idle cycles.
Yeah, that 2.56 doesn't thrill me, but it's 2 AM in Pennsylvania, and 11 PM out in the land of fruits and nuts. This is a relatively peak period. If the server load has a few spikes, it's not the end of the world.
And it's a whole lot better than server loads of 60, 80, and 100.
Thank you, thank you, thank you, to all the techs responsible for figuring out this one.