It is old topic, but with recent Meshlab version it should be no problem.
I tried import 47M poly object from 1.1GB PLY file, and it loaded in few seconds. RAM increases from 1.9GB to 7.4GB and VRAM from 300MB to 1380MB...so plenty of headroom for larger meshes.
Be sure to use only binary formats like PLY, FBX,... Do not use text based formats like OBJ,STL,...because parse position/rotation/vertexColor/normal... values from text based representation costs much more time and RAM memory.
For smooth orbiting around object it is necessary to change default option(MaxGpuMemDedicatedToGeometry) from 350MB to something 7500MB (on 8GB VRAM GPU).
Then for splitting mesh is good to use function from menu - Filters - Selection - Conditional face selection - and type condition e.g. "(z0<1000 && z0>300)" to select faces between 300-1000 z position. Then invert selection, delete and export mesh... OR Filters - Mesh Layer - Move selected faces to another layer - and export only that layer.