We already have a dedicated IP with bluehost (for 4 months now). It does not help. We have noticed downtimes almost every weekend, but they are usually like 1-5 minutes long. Short, intermittent, and very annoying downtimes. When I filed tickets for those - the responses I got from bluehost are usually: "What downtime? We just checked and your website is up."
Our Wordpress site also runs VERY slow on bluehost. This is also intermittent. Sometimes the performance is just acceptable, then it's awful (like it's been over last 4 days). We are averaging 7 second page load times.