From what I read only using an asymmetric cipher would be very slow.
Most public key implementations do symmetric encryption of the payload with a session key. Only the encryption of the session key is asymmetric. I'd like to see some attribution (and benchmarks) for the "slowness." From what I've seen (which of course is limited), it's the generation of the session key which can be slow - but that's normally a problem with ill configured systems. So whether you go public key to begin with or the home-grown re-implementation , you're going to have the same slowness issue (generating a session key), unless you always use the same session key and in that case, why bother at all.
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