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One thing you're missing is patience -- remember that once the file is converted you don't have to convert it over and over again. And the 5-7 minute wait is due to the font embedding. I don't imagine that time will get cut down at all, due to the heavy processing required.
The eBook library program has a built-in conversion routine for the RTF files, which relies on your having Word installed.
Have you tried saving as plain-text files, but with an arial font, and then simply moving the text file over to the reader?
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