This mod provides an ability to run a simple Papyrus script latency test with optional logging and/or notification.
It might prove useful if you suspect that you have an overloaded scripting system.

Note that the test is basically identical to the one provided with the mod Convenient Horses by mitchalek. This mod is provided for anyone who would like to be able to run the test but who doesn't care to install that mod.

Available on Nexus - http://www.nexusmods.com/skyrim/mods/62671/?

This sounds cool, but what results are considered good or bad? If the script lag is high, is the recommendations to remove mods until it gets better?

Good question and one for which I don't have a definitive answer. The only two mods having a latency test built in that I know of are "Convenient Horses" and "Sands Of Time". You can read what each of these authors consider a good result to be on their respective pages.

http://sotrealms.enjin.com/optimization

http://www.nexusmods.com/skyrim/mods/14950/?

FWIW my opinion is that if your average latency is consistently under 100mS then you probably have nothing to worry about. If it's consistently over 100mS then you likely may have a problem and the likelyhood increases the further above 100mS you are. Occasional spikes of hundreds or even tens of thousands of mS are not always a symptom of bad karma - every load transition such as going through a load door or fast travelling will introduce a one off spike in latency, and accessing the map seems to pause the scripting VM for the duration the map is open.