The huge wordlist is working just fine. For those who aren't adept at shell scripts or are (like me) stuck using somebody else's windoze machine, you can make it work using Morten's Dictionary Maker and specifying an output file.
Unfortunately, when I feed that program a word beginning with 1 it creates a list of words with and without the 1, and it has no option to exclude words with specific characters. So it creates a lot of unnecessary words, but they can be removed with the following command:
type wordlist.txt|find "1"|findv "l"|findv "I"| findv "O">parsedwordlist.txt
Replace "wordlist.txt" with whatever file you specified for DictMaker to output, and "parsedwordlist.txt" with whatever you want to name your usable list. Also, because it might not be clear, the first find command finds and keeps lines with the number one, and the rest find and remove lines with lowercase L, uppercase i, and uppercase o. I don't worry about zero because I'm not including it in any of my words.
My current wordlist has over 3.5 million strings, and aside from taking a while to start, vanitygen seems to be handling it just fine.
On another note, how come vanitygen seems to top out at 27 characters for an address? When I tried to specify a 28-character address, it said it was too long. But aren't addresses usually around 33 characters? Is this a purposeful limitation in vanitygen to reduce memory usage or some other overhead? Or is it a limitation in addresses that I just don't understand? Or, maybe, is it a bug that can be fixed, please?

And yes, before everybody jumps on me, I know just how astronomical are the odds against finding a 27 or 28 character string, even case insensitively, but if I'm going to be generating and checking billions of addresses anyway I might as well check them for every string I think is interesting, even the really unlikely long ones.
Maybe I'll get lucky.

-Mo