I have already unchecked “Include usage info” since I thought that would improve response. Did not.
I turned on Spooling SQL to screen to see what it was running every time I click on the Tablespace node. I clicked on Roles, then back to Tablespaces - it took over 5 MINUTES to display the list with NOTHING showing up in the Spool window. So it looks like something internal to Toad is causing this delay. We have 3,543 tablespaces in this particular database but when I do a refresh of the Tablespace node and run the queries the Spool SQL window shows, they take less than 1 second.