I know this is really late, but you really need to capture the output of SHOW ENGINE INNODB STATUS; during that query to see why it's waiting.

If it happens a lot during a specific time, it would be easy to just grab that output every x seconds and hope you capture it (or perhaps artificially generate the load).

There are two options

OPTION #1 : INSERT INTO ... ON DUPLICATE KEY UPDATE

INSERT INTO newtable
SELECT * FROM oldtable
ORDER BY tmstamp_value
ON DUPLICATE KEY UPDATE email=VALUES(email), address=VALUES(address) ... ;

OPTION #2 : REPLACE INTO

REPLACE INTO newtable
SELECT * FROM oldtable
ORDER BY tmstamp_value;

It mechanically performs a DELETE and an INSERT.

CAVEAT

Notice I applied the ORDER BY against the old table. This should help get the latest data for a give LastName, FirstName.

You should also add a UNIQUE INDEX on the new table as follows:

ALTER TABLE newtable ADD UNIQUE INDEX name_ndx (lastname,firstname);

UPDATE 2013-04-08 17:13 EDT

If you are doing updates, there are two ways to do this:

1. UPDATE JOIN

UPDATE
(SELECT lastname,firstname,phone,email
FROM oldtable ORDER BY lastname,firstname) A
LEFT JOIN newtable B USING (lastname,firstname)
SET B.phone=A.phone,B.email=A.email;

2. UPDATE JOIN with GROUP BY

UPDATE
(
    SELECT BB.id,BB.phone,BB.email FROM 
    (SELECT lastname,firstname,MAX(id) id FROM oldtable GROUP BY lastname,firstname) AA
    INNER JOIN oldtable BB USING (lastname,firstname)
) A INNER JOIN newtable B USING (id)
SET B.phone=A.phone,B.email=A.email;

Give it a Try !!!

Both options will take full advantage of the UNIQUE index on name.