There is a performance tuning guide here, that offers a bunch of suggestions. http://infocenter.sybase.com/help/topic/com.sybase.infocenter.dc00169.1600/doc/pdf/iqperf.pdf
Based on those I changed my config file to the following... and now I get a different error :-)
-c 48m
-gc 20
-gd all
-gl all
-gm 10
-gp 4096
-iqlm 128g
-iqmc 128g
-iqtc 128g
-iqnumbercpus 40
Could not execute statement.
Ran out of IQ large memory (-iqlm) .
-- (dflib/dfo_ColumnVector.cxx
John