NLM itself shouldn't use a lot of resources, but it ends up mapping a lot of dlls into LiteStep's address space. Most of those dlls will get loaded by other processes eventually anyway (esp. if you use IE) and that gets shared. Besides which, NLM doesn't really do anything after startup, so it'll mostly just end up taking up space in your page file.

So yeah, the virtual memory in use by LiteStep will go down a lot without it, but the free physical memory probably won't go up quite so much.

Doing without NetLoadModule should decrease load time though, since then it wouldn't have to load all those dlls right then. (nor the other stuff that NLM always does, and you can load modules in parallel if you don't do certain advanced scripting tricks)