One thing that helped me to debug this issue was writing all the SQL out to a log file. I tried to run all the SQL in SQL Server Management Studio and it was super slow. That indicated to me that it was my SQL that was the issue.
Also, make sure you have debugging set to OFF when running the import. Especially if you have Robust Exception Information enabled in your CFADMIN. All that debugging information will make a script crash for sure.
<cfsetting showDebugOutput="No">