How many rows are you working with?
Your formula is currently showing undeclared row references, which means you're calculating against 1.04 million rows per column reference.
Even if you're crunching only 150,000 rows, your formula will process in 1/10 the time if you just manually adjusted your references to:
=IF(SUMIFS(PaceData!$E1:$E150000,PaceData!$A1:$A150000,Updates!$A4, PaceData!$C1:$C150000,Updates!JD$3)=0,
SUMIFS(PaceData!$D1:$D150000,PaceData!$A1:$A150000,Updates!$A4,PaceData!$C1:$C150000,Updates!JD$3),
TEXT(SUMIFS(PaceData!$E1:$E150000,PaceData!$A1:$A150000,Updates!$A4,PaceData!$C1:$C150000,Updates!JD$3),"MM/DD/YY")&" A")
Also, applying a couple of manual line breaks via Alt+Enter makes managing large formulas much, much easier.
As for adjustable references, you may wish to use OFFSET or INDIRECT. However, these are volatile functions and update every time anything changes so they again would take up extra processing power.
Perhaps you could attach an example of your data, and we could proof your table design for inefficiencies.
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