Ignoring the immediately prior response, I would like to thank all responders and closeout this thread.
I now suspect Meister is correct and it is not a hardware or configuration issue. After trolling a bit more through other forums, I'm believing it is a software issue with Yosemite. In particular, there are numerous complaints by other users of iMac including new 5K, MBP, and even nMP where they are talking about slow animation when using mission control and switching spaces. Since my problems really began after using Yosemite I now believe this is Yosemite related.
Since my last writing I noticed overnight that my Swap Used increased. After a reboot it was back at 0. I've gone back to using Spaces in a limited fashion, only 3 Spaces for the time being. I also found some setting changes on OSXDaily to reduce Mission Control/Spaces animation and have implemented those. I'm now experiencing Spaces workspace changes which are only slightly longer than 1 second. I'm going to continue to monitor my memory usage. I've started taking snapshots of that window so that I might determine if there is some pattern.
Returning to my hardware configuration. As I previously mentioned, I liked SpecFoto's recommended Raid configuration for my storage and plan on implementing that configuration.
As to hardware upgrade, I'm still thinking of spending a bit of money on my current machine. In particular, I think I'm going to repurpose my current SSD to another Mac or as a Bootcamp partition and switch to an OWC Mercury Accelsior_E2 as my primary OS X and User partition. I suspect that will get my current MacPro to its performance limits. Additionally, since I have external eSata storage, when I eventually get a nMP I would move the Accelsior to an OWC Mercury Helios and use it as a fast external drive and interface to my eSata enclosures.
Again thanks for the constructive suggestions and help.