Gopal,
If optimization of execution performance is your concern, I would highly recommend that you run your sequence file using a custom sequence editor, starting with the simple operator interface and editing its code to be as simple (and thus as quick) as possible.
The TestStand sequence editor includes a lot of extra functionality that you are likely not using once your sequence file has been built, using the TestStand user interfaces removes some of this functionality which inherently speeds execution. As I previously mentioned, in order to ensure that the temporary HTML file is not generated, the report view pane must not be accessed. A simple solution to this if you are building you own custom sequence editor is to detach the invoke node that connects the Report View from the ExecutionView Manager.
Another significant performance increase will be seen if you disable the Execution View. Tracing, by its very nature, slows execution considerably.
Both of these modifications will decrease your execution times, while still generating the execution's reports to disk.
I hope this helps considerably in pointing you in the right direction!
Evan Prothro
RF Systems Engineer | NI