I did a 2 minute video with bits of animation (some GIF loops, some green screened pre – rendered stuff, and it took about six hours to render, on my machine of the day.
Your rendering time has very little to do with the time of render in a situation like this.. The CODEC is going to take about as long for 4 minutes of this video as it does for any other. The rest is Vegas itself, its compositing engine, any plugins, etc.
First thing to check: is your CPU at 90% or better? If not, could be your files thrashing a hard drive. Unlikely if you have just the main video and some small GIFs, but worth checking. Is Vegas scaling and interpolating your GIF frames to match the output? You MIGHT get a faster render if you pretender the animations to uncompressed AVIs with transparency. The might part is that this increases the demand on your disc drive while lowering demand on the CPU.
If you don’t already, enable GPU acceleration in Vegas itself, not judt the CODEC. The GPU math is a good match to compositing and some plugins.
-Dave