Hello Todd,
Yes, using preselection will significantly reduce processing time. When processing large aerial datasets it is recommended to use at least Generic preselection or Ground Control if there is GPS data for cameras - it is better and should be faster (in case of Ground Control preselection correct coordinate system should be defined in Ground Control pane settings).
If there are enough resources splitting into chunks is recommended only in case when all images could not be aligned (for example, when there is wide river dividing the area) - than each chunk should be processed separately.
So with preselection this project should be aligned in several hours 6-10, depending on the CPU (since GPU is not involved in photo alignment stage).