It seems that 'many is the low-hanging fruit of optimization. I've since gotten an 8-paragraph lorem ipsum piece, totalling about 5k, which renders in 3-4 seconds (about around 3800msec).
Hmm. Profiler.
I'm not 100% sure but maybe the fact that nearly all the composing parsers decompose the return value of sub-parsers, then recompose the return value, might be slowing it down? Maybe have parsers accept an optional return value argument, which 'return will fill in (instead of creating its own) might reduce significantly the memory consumption (assuming it's GC which is slowing it down)?