Wow, did you really said 83260?
PT won't try to take more memory than the fixed maximum established by default, regardless of how much ram you have. I can't remember right now what that default value is for Macs. You can override that default by opening the console, cd into where the app is, and launching it manually with a command like
java -Xms120m -Xmx220m -jar PulpTunes.jar
Xms is the initial memory the program starts with, and Xmx the maximum amount of memory the app is allowed to consume. Play with this values until it works for you.
Let me know how it goes, or if you need more instructions.