Hello Zane ,
It could be the size of what you are trying to import as the LPS files are quite big (the way stuff is stored).
Why not import as a data layer . Much more efficient and takes much less time.
(All my last year's LSP ones were imported that way - I did try Import effects as well , but abandoned that)
Data layer imports are via the Settings menu (and described in the manual)
Make sure u click on render all , after the Import , before playing it.