I have about 50.000 of records to import in a Magento store. What I have already tested: The file is about 50 MB.
I strongly recommend that you avoid writing raw SQL at all costs, you will almost certainly spend days and days writing to map the attribute IDs and probably get it wrong. It will also bypass all the important indexing and other system updates that Magento relies on.
If speed is your issue, I suggest that you consider uRapidFlow from Unirgy. Usual disclaimers apply, I have no affiliation with Unirgy, but my observations has been that the quality of this work is excellent.
HTH, JD