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3600/800=4.5 seconds per update

Sorry you're right. I did 800/60 when it should have been 60/800 which is 0.075 of a minute (4.5 seconds). I would still consider that slow but NetSuite isn't known for high performance so I don't really expect anyone to come up with any great performance boosting idea other than more processors.

You could take a look at any scripts or workflows on your “newItemType” record and remove map/reduce from the execution context. I think record.submitFields() would trigger a UE script. So there may be something running there slowing it down