Dan, this is not a problem VE, its problem Play 3. So that Play loads quickly - two conditions must be:
1.fast (very faster) drive for library (for example HS) - OCZ Revodrive the best!
2.need to load project (VE instances with Play 3) before to load the project in the host. It means - first load the VE project, and only after this load the project Cubase (Logic, PT, etc.)