This is the reply I got from Hostgator after they looked into this issue:
How can I be the only one in 9 months with this issue? Either everyone else is on a dedicated server (not the case, right?), or not many people have tried this script, or my albums are especially memory intensive (seems unlikely since we don't have that many albums and photos are limited to 1MB each).
Chuck, is there anything I can do? Can the script be modified to import in parts?