About half the CPU used by iTunes can go into updating that silly fake LCD display. Minimize it to the dock; or, turn it to mini player mode (green jellybean), then drag in the corner until the LCD thingy disappears; and see the difference in usage.
EQ doesn't use much, but to see any difference you have to turn if off with the check box rather than set it to flat.
Also, when you're not using the store, don't leave it open (that is, leave the main windows displaying your library). iTMS likes to to lots of auto-refresh thingies.