For multicast to work properly you do indeed need switches that have IGMP Snooping enabled.
However, the speed you are running at does seem incredibly slow, so let's start by asking you to provide a LOT more information about your setup.
First of all, what version of Ghost are you using?
What operating system are you imaging?
What operating system are you booting the clients to? DOS or WinPE?
Can you establish from the lights on either the workstation NICs or the switches, exactly what speed the NICs are connecting at?
Can you try a limited test where only the Ghostcast server and the client machines are present on a switch? There are known scenarios when NICs in power save configuration can really slow down a network.