The high "wait"-value suggests that heavy swapping is going on. Run a "vmstat 1" for some time (1-2 screen full) and observe the middle columns titled "page" These should be mostly "0" with occasional little numbers mixed in. If some columns are more or less constantly non-0, then you perhaps have not enough memory.
If you have not enough memory the machine starts paging and usually the internal disks are housing the swap space. This would explain the high disk activity.
Issue a "svmon -G" (as root user) and observe the output. Here is a sample with the important parts marked bold:
# svmon -G
size inuse free pin virtual
memory 2097152 2028714 68438 432098 1947206
pg space 1572864 225772
work pers clnt
pin 432098 0 0
in use 1796594 62110 170010
PageSize PoolSize inuse pgsp pin virtual
s 4 KB - 1921210 217388 348450 1836022
m 64 KB - 6719 524 5228 6949
The left number is the amount of memory you would need, the right value is the amount of memory you have. Both numbers are in 4k-units (memory pages). If the right value is way below the left one you can roughly estimate the amount of memory you will need to install by building the difference: eg. if the "inuse" shows 1Mio more than "virtual" then you will need approximately 1Mio x 4k = 4GB additional memory.
Note, that this is only a rough estimation - it doesn't replace a thorough analysis of the situation.
Just to clarify: "size" is the amount of RAM that is installed in the system and "virtual" is the active virtual memory that is allocated/needed.
To the OP: with 4Gig of RAM and 25% usage of a 25Gig paging space you do not really wonder why your rootvg disks (where hd6 is) are busy, do you? That is a gap that probably cannot be closed by tuning vmm. Get more RAM.
If i do understand you correctly this is a misconception: If a process is used very rarely (like, say, once a day) and otherwise is idling it will get swapped out. This would add to the usage numbers of the swap space but would pose no problem to the machine at all. The swapping in would take some time, true, but only once a day. After that the process would get swapped out again, until it "rests" in the swap.
Obviously this is not the case here, so my point is not connected to the problem the OP raised and of mer�ly theoretical interest. I just had a case where a customers sysdmin pointed to the output of "lsps -a" and demanded more memory whereas the machine was already having enough memory at all. This was easily shown by analysing the vmstat-output.