Oracle 9i (9.2.0.7) -- Performance issue with LOB data

The LOB column's storage parameters in table definition is as follows: LOB (CONTENT) STORE AS
      ( TABLESPACE  XX_L_DATA
        ENABLE      STORAGE IN ROW
        CHUNK       8192
        PCTVERSION  10
        NOCACHE
        STORAGE    (
                    INITIAL          2M
                    MINEXTENTS       1
                    MAXEXTENTS       UNLIMITED
                    PCTINCREASE      0
                    FREELISTS        1
                    FREELIST GROUPS  1
                    BUFFER_POOL      DEFAULT
                   )
      )

One of the report is taking too long to finish. The procedure code for running the report is doing a frequent SELECT..FOR UPDATE. It is going to generate report in excel sheet eventually. The report runs fine with less data,but it hung up while dealing large amount of data. I observed wait events during the execution. I observed a big number for "direct path read (lob)" as well as "direct path write (lob)". Will it help if i increase PCTVERSION value? Please add your valuable suggestions or any useful references.