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Yes, in fact I've had it installed for several months now and it seems to slow the phone down terribly. Takes 10 seconds to draw the icons on the main screen Have you found any resolution yet?
I have a D1 with Lookout installed, and have not noticed any issues. I don't have it backup any of my contacts/pictures/etc. I only have it to scan apps I download and for the Find My Phone feature. Do you have a lot of stuff that it backs up? How often does it back up your data?
Also, Lookout shouldn't really affect the draw on your home screen - that's likely an issue with the home screen app (I've noticed ADW.Ex is pretty intense and the redraw is awful if I'm using several widgets, etc.)