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.
ArchLinux simple install guide
Says Apache 1.X but some information
Not talking about vhosts but some good info