I admit I am ignorant of the details, but I wonder...
When you talk about the "parse tree", do you mean (grosso modo) the set of tags in an XHTML file without their content (text)? If the location of these tags in the XHTML file is indexed, wouldn't that be enough for the renderer in order know the right format to apply (it would know the tag context for any text location)? Wouldn't it then be enough to keep this index in memory instead of the full XHTML file? How much would this index take? I guess not too much, usually a negligible amount.
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