shaq147,
The Remix LocalAudioFile object uses Pyechonest Track.track_from_file() behind the scenes, which in turn calls track/upload. The track/upload process is one discrete step that provides tempo, key, and all the rest of the analysis.
Once the track is uploaded, the full profile should be available in 20-30 seconds, usually faster, not two minutes. But if you are uploading uncompressed audio (WAV, AIF) the upload process could take some time depending on your upstream data speed.
If you know the artist and title of the track, you might be satisfied doing song/search with the "&bucket=audio_summary" parameter. This might not match your specific track, however, as title matching can be imperfect due to duplicates.
-David