I would guess that size/complexity is the problem.
I have converted some pretty large models this way but the most complex was only 11.2MB as 3DS (the GSM is about 50MB) nowhere near 89MB. The strange thing is that this model is a Liebherr crawler crane modeled to a crazy level of detail (every pully, cable, track segment, bogey wheel, etc) and it slows down ArchiCAD all by itself. It's hard to see how a single space truss could be so complex.
I wonder if Rhino is the problem here. Perhaps you should try something simpler as a test.