You may have identified the issue, the reverse DNS is taking too long.
Do you know if your DNS is quick to resolve an Ip/hostname, can it resolve all of your forwarders, are they defined in your dns server, are you under Windows with netbios reslution turned on ?
A first workaround to reduce the resolution time, by example by populating a local host list file, or changing the DNS settings.
A second workaround is to disable the dns resolution in splunk for your splunktcp inputs.
the resolution is in general useless, because the host field is already populated by the forwarder.
the only consequence is that in splunk metrics, the source field will be the ip instead of the hostname.
if needed you do this also for UDP/TCP syslog inputs, but this will change the format of your syslog logs.
To proceed, edit the inputs.conf and add the parameter connection-host = none
see http://docs.splunk.com/Documentation/Splunk/4.3.1/admin/Inputsconf
[splunktcp://9997]
connection_host = none
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