I had a similar thing on my 92SC400. Then my timing belt broke while I was driving. After the timing belt was replaced, I stopped having this issue. Not sure if you want to peek under the timing belt shroud to see if anything is going bad. In my case, my belt tensioner was frozen, and the belt was basically rubbing against a frozen belt tensioner pulley until the belt overheated and snapped.
This is something that was on my list, as no maintenance record is available for this vehicle. However, after buying it 2 weeks ago I immediately drove almost 2000 miles in a week going from Kansas City to Austin and back so I would hope if my situation was like yours it would have broken during the trip - I drove over 100mph from Dallas to just south of Oklahoma City and it ran great. No change though now that I'm back, runs just like it did. I'm going to look into this stuck butterfly valve scenario and see if I can check that without going to a mechanic. Thanks for the info!
I found the original owner! He changed the timing belt at 96k so no worries there, and experienced the same low end hesitation I do. He never had his TRAC light come on solid though, so I am still looking for the source of this. I think next time it happens I'll drive straight to the Lexus dealership and see if they'll look at it. Aren't these vehicles OPD-II, so I can get a scan tool at the parts store and just hook it up and see what they would see?