>I wonder, is there any tool like the Coverage Profiler that can be used in design-time? That could be helpful.

Just made another interesting discovery: If I start a VFP run-time on the workstation and run the form, and then start a development VFP session and open the form with MODIFY FORM, it is no longer slow!!! The same form that takes ~20 sec without the run-time session, now, with the run-time form up, it opens in an instant.
It trully looks like your guess about the vfp team focusing on run-time being fast is correct. And, yes, a Coverage Profiler for design-time could be helpful...