Hi Dan,
I looked into the issue you described and can not see it happening on my end.
The only place where it's grabbing all data is on table schema update. Yea, I agree - it shouldn't be doing that and I will make a change, but if you successfully updated, it shouldn't do it on every wp-login.php load. It doesn't do it on m machine. Could you please update to the most current version and double-check for me?
Thanks