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As long as $ARCHIVE is valid it shouldn't slow down significantly at all - it should fail very quickly with a 53 path not found error *unless* the archival system is doing something very clever in the background and creating pseudo-directory views on the fly.
If $ARCHIVE is missing or set to an invalid path then the stack can take quite a long time trying to resolve the bad name.
If it is the archival system causing the problem then you are out of luck as the check for the folder will cause the same slow down as the folder mapping would anyway.
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