Hello! I'm very happy to say that after the restore the tablet is fully functional and not lagging anymore. It's only been a few days but everything is working well so far. I have no idea what was causing the tremendous input lag or why a system restore would suddenly fix it but I really don't care. Thanks alot writhziden. You've been a god send. I'm going to mark this thread as solved now.
Thanks again so so so much!