The project file itself is only 7.3mb.
The sequence settings were set to match the footage: 1920×1080 HDTV 1080i, 2997, Apple ProRes 422, 48khz, 16 bit.
I also just noticed that my scratch disks were set to my local drive, not the external drive. Does that make a difference if all of the media is stored on the FireWire drive?