I'm guessing you know your stuff, so I'm going to explain.
High processing problems would not show on a network latency test via ICMP.
For future reference, testing the application layer instead of the network layer for connection problems would be your best bet, as the issue would be on layer 7, the application layer, instead of testing at layer 3 which your doing via ICMP, the network layer.
Although I will say working your way through the layers is the best way to find the problem
Probing the TCP/IP port directly would be a way to test the application layer.
Although this can't be 100% accurate due to multithreaded applications.
The cause:
Probably someone being silly with the pipes on tekkit again.
Edit:
The server list will give a more accurate measure than a ping or trace route as it queries the port directly, not via an ICMP packet. PSPing is a great tool for measuring latency in the application layer,
http://technet.microsoft.com/en-us/sysinternals/jj729731.aspx