If you haven't bought the upgrade then save your money and just by the dcs world version of Black Shark. When I upgraded to Win 8 I found out that the Steam version no longer has a cd key attached to it. So I wasn't able to get the update to work or to integrate into DCS World. I ended up just purchasing the Black Shark DCS World module.
I am not sure what OS you are using, but I went to Window 8 Pro 64 bit and started having the same problems you are talking about. I went back to Win 7 Home Premium 64 bit and my fps are back above 30 fps steady.