The PictureFlow Rockbox plugin is a rather heavily modified version of the Qt program. It already implements caching optimisations similar to what you describe. Those were secondary concerns for the program's original developer, but for the Rockbox port they were obviously at the top of the priority list, given the radically different constraints. Basically, although there is still plenty of room for improvement in PicturFlow, I don't see anything revolutionary for us in this new version of the PC program.