iTe tries to deal with large, included eps-files gracefully. Files bigger than 200kb (this is the default for the variable eps-limit and can be customized) are only displayed by their bounding box. You can toggle between bounding box and full display using a bound key.
Alternatively, you can create low resolution eps-files and include these instead. For example, if figure.eps is huge, and figure.s.eps is its low resolution pendant, then you could use
\DeclareGraphicsExtensions{.s.eps,.eps}
\includegraphics{figure}
while using iTe interactively, but uncommenting the first line for printing.
These binaries (installable software) and packages are in development.
They may not be fully stable and should be used with caution. We make no claims about them.