I went ahead and migrated the configs on the server from suPHP to mod_fcgid. So far the performance is much better. Pages are loading faster and we are able to use APC again.

The steps were really just installing mod_fcgid, then add a line in the httpd conf, setup the wrapper script and change the vhosts.

There is already tons of information on the subject so I will just point to a few pages to help others…

I don’t use Ubuntu, but it helps to see some steps.
http://www.howtoforge.com/how-to-set-up-apache2-with-mod_fcgid-and-php5-on-ubuntu-11.10

ArchLinux simple install guide
https://wiki.archlinux.org/index.php/Apache_and_FastCGI

Says Apache 1.X but some information
http://www.fastcgi.com/drupal/node/10

Not talking about vhosts but some good info
http://alexforencich.com/wiki/en/linux/arch_php_fcgid