I am using the following to check selected Object type via palette condition - however, due to the number of nested If Thens a bit slower than I would like. Is there anyway to speed up or use alternative?
It's not the number of If Then actions per se (you can execute probably a hundred of them a second), it is the image search which, while pretty fast for what it does, generally takes a significant fraction of a second.
As @ccstone says, restrict the area of the search and that will speed it up.