Well mouse lag would be caused by running a compile with -full or having a slow computer.
Mouse Lag. Open up task manager (ctrl+alt+delete) and you will see something taking all the CPU. Most likely hlvis.exe, or maybe hlrad.exe, depending when you decided to close hammer.
Hope this helps solve your lag problem.
About your long compile times. If this is your final version, you may wish to compile full. If you are merely playtesting it, run vis on fast, and experiment with the settings. My abandoned map (which is relatively big) spent half an hour compiling, with a full compile, on my P4 2ghz computer. You have to be patient. Go sit down, watch TV, do something, and just keep checking the compiling every 5 or so minutes.
And whatever you do, do NOT skybox your entire map. Skyboxing is bad. If you still do not understand what skyboxing is, I will tell you: Creating a massive sky brush all around your level, then hollowing it. It makes the compile tools render so much more stuff, and makes compile times go crazy.
Hope this helps you out.