Hello,
This is something I've wanted to optimize for a while - but STM was originally made for flashy dialogue boxes and small UI elements, leaving large paragraphs a bit of an afterthought - I already have a working fix though! Look for STMPagination in the sample scenes - you can use this to have one STM object automatically flow into the next - even with reading effects. Splitting up the work between multiple meshes (e.g. one per line for a page) seems to work well for keeping performance up in this circumstance.
So... will keep thinking on more optimizations to my code, but the pagination script works for this scenario!
-Kai