The solution was adding an xml file containing
<GPU Enable="0"/>
to the folder containing the xml preset files. This prevents the GPU acceleration from initializing. It seems to be working just fine now.
It would be nice if he's able to figure out what the problem is because ver. 8 is more CPU-intensive than ver. 7. I opened a project that had 3 instances of MDynamicEQ. Under V7 I could enable the sonogram display on all three with no playback problems (~50% CPU), but under V8 the CPU meter jumped into the red and could not play back without dropouts if any of the sonograms were enabled.
Fortunately I don't use the sonogram often, but it can be handy for zeroing in on vocal resonances, which usually involve not just the fundamental but the first 3-4 frequencies of the harmonic series as well. The sonogram display makes it easy to see which ones are significant, and to precisely position dynamic filters over each of them.
FabFilter plugins are also GPU-accelerated, but they've never given me any trouble.