I cannot honestly figure out what it could be, I thought it might be the water Pump but that wouldn't drag the revvs down unless its SERIOUSLY binding also the fact that the temp stays sweet as a nut. Also thought it could be the alternator but that would dim the lights and only the rev counter would suffer not the actual engine speed. Stuck for idea's.

Edit: 1.8 m40 91K miles, timing belt changed 500 miles ago.