whenever vsc is on, the lost traction light flashes, the vsc beep continuously beeps, and my abs seems to turn on and I lose any ability to accelerate. Its pretty dramatic but as soon as I hit the vsc off button, everythings perfectly normal. Any ideas?

 

is there a check engine light or any codes? it sounds like one of the sensors is faulty and is "sensing" wheel slippage when there isn't any

 

When there are VSC/ABS faults, this issue of limited RPM appears. See post #2:

https://www.clublexus.com/forums/ls-...l#post11440907

You might want to do a forum search as well.