Edit 2: So now it's even more succinct without writing the changes to files, just spitting out the linecount. How would I go about spitting the two numbers resulting from sed ... | wc -l on the same line separated by a space without doing some assignment like a=($(sed ... | wc -l)) and using echo?

#!/bin/bash
DIR="C:/dev/somejavafolder"
LANGUAGE="java"

wc -l `find $DIR -type f -name '*.java'` > OSLOC
sed -i -e "s/^[ \t]*//" -e "s/[ \t]*$//" OSLOC

find "$DIR" -type f -name "*.$LANGUAGE" > filelist
while read FILE; do
  
   # Get PSLOC 
   sed -e "s/\/\/.*$//" -e "s|/\*|\n&|g;s|*/|&\n|g" -e "/\/\*/,/*\//d" -e "s/^[ \t]*//" -e "s/[ \t]*$//" -e "/^$/d" $FILE | wc -l

   # Get LSLOC
   sed -e "s/\/\/.*$//" -e "s|/\*|\n&|g;s|*/|&\n|g" -e "/\/\*/,/*\//d" -e "s/#.*//" -e "s/@.*//" -e "s/{/ /g;s/}/ /g;s/)/ /g;s/(/ /g" -e "s/^[ \t]*//" -e "s/[ \t]*$//" -e "/^$/d" $FILE | wc -l

done < filelist

find "$DIR" -name "*.*sloc" -type f -delete

#!/bin/bash
DIR="C:/dev/ACMETEST/ACME-Client/src/com/iai/acme"
LANGUAGE="java"
find "$DIR" -type f -name "*.$LANGUAGE" > filelist
while read FILE; do

   PSLOC="$FILE.psloc"
   LSLOC="$FILE.lsloc"

   # Get PSLOC
   sed -e "s/\/\/.*$//" $FILE > $PSLOC # deletes all /* to */ lines
   sed -i -e 's|/\*|\n&|g;s|*/|&\n|g' $PSLOC # ^
   sed -i -e '/\/\*/,/*\//d' $PSLOC # deletes all // lines
   sed -i -e 's/^[ \t]*//' -e 's/[ \t]*$//' $PSLOC # deletes all whitespace
   sed -i -e '/^$/d' $PSLOC # deletes all blank lines

   wc -l $PSLOC

   # Get LSLOC
   sed -e 's/#.*//' $PSLOC > $LSLOC # deletes all # lines
   sed -i -e 's/@.*//' $LSLOC # deletes all # lines
   sed -i -e 's/{/ /g;s/}/ /g;s/)/ /g;s/(/ /g' $LSLOC # replaces {}() with spaces
   sed -i -e 's/^[ \t]*//' -e 's/[ \t]*$//' $LSLOC # deletes all whitespace
   sed -i -e '/^$/d' $LSLOC # deletes all blank lines

   wc -l $LSLOC

done < filelist

find "$DIR" -name "*.*sloc" -type f -delete

This gets PSLOC and LSLOC counts of 531 java files (~80524 lines) in about 4 minutes.

#!/bin/bash
DIR="C:/dev/somejavafolder"
LANGUAGE="java"
find "$DIR" -type f -name "*.$LANGUAGE" > filelist
while read FILE; do

   PSLOC="$FILE.psloc"
   LSLOC="$FILE.lsloc"

   # Get PSLOC
   sed -e "s/\/\/.*$//" $FILE > $PSLOC # deletes all /* to */ lines
   sed -i -e 's|/\*|\n&|g;s|*/|&\n|g' $PSLOC # ^
   sed -i -e '/\/\*/,/*\//d' $PSLOC # deletes all // lines
   sed -i -e 's/^[ \t]*//' -e 's/[ \t]*$//' $PSLOC # deletes all whitespace
   sed -i -e '/^$/d' $PSLOC # deletes all blank lines

   wc -l $PSLOC

   # Get LSLOC
   sed -e 's/#.*//' $PSLOC > $LSLOC # deletes all # lines
   sed -i -e 's/@.*//' $LSLOC # deletes all # lines
   sed -i -e 's/{/ /g;s/}/ /g;s/)/ /g;s/(/ /g' $LSLOC # replaces {}() with spaces
   sed -i -e 's/^[ \t]*//' -e 's/[ \t]*$//' $LSLOC # deletes all whitespace
   sed -i -e '/^$/d' $LSLOC # deletes all blank lines

   wc -l $LSLOC

done < filelist

find "$DIR" -name "*.*sloc" -type f -delete

This gets PSLOC and LSLOC counts of 531 java files (~80524 lines) in about 4 minutes.

Edit: per @choroba's suggestion, I changed the file to

#!/bin/bash
DIR="C:/dev/somejavafolder"
LANGUAGE="java"
find "$DIR" -type f -name "*.$LANGUAGE" > filelist
while read FILE; do  

   PSLOC="$FILE.psloc"
   LSLOC="$FILE.lsloc"
   sed -e "s/\/\/.*$//" -e 's|/\*|\n&|g;s|*/|&\n|g' -e '/\/\*/,/*\//d' -e 's/^[ \t]*//' -e 's/[ \t]*$//' -e '/^$/d' $FILE > $PSLOC # deletes all /* to */ lines
   wc -l $PSLOC
   sed -e 's/#.*//' -e 's/@.*//' -e 's/{/ /g;s/}/ /g;s/)/ /g;s/(/ /g' -e 's/^[ \t]*//' -e 's/[ \t]*$//' -e '/^$/d' $PSLOC > $LSLOC # deletes all # lines
   wc -l $LSLOC

done < filelist 

find "$DIR" -name "*.*sloc" -type f -delete

and the runtime went down to about 80 seconds. Awesome! Any other ideas?