>I'm going to track down where the cursor is initially created and then set the blocksize to a huge number, create the cursor, and take the blocksize back down to normal. We'll see if that helps. Still, my one concern is that a lot of the code I have created in my life counts on the fact that memo bloat is only observed in a multi-user environment or when the table is shared.

You based on a wrong fact from the start:( Increasing blocksize wouldn't help much but try.
PS: Thousands of replaces is already scary, why don't you try to change it to object or any other variable based.
Cetin