I don't really see a reason for 100,000 lines per channel/query. I leave mIRC running 24/7 and only reboot it when doing updates that require it. My buffer is set to 1000 because that's plenty. If I need more, I load the log file.

If you have that error coming up in Notepad++, then there is probably an option to NOT monitor file changes. Otherwise, save yourself the trouble and load the log in mIRC or in another program that doesn't monitor file changes. And, in mIRC, you get an exact view (colors and all) of what it looks like in mIRC.

Depending on how you log, you can use something like this:

//window @log | loadbuf -p @log $mklogfn($active)

That will load the currently used log file for the active window. If you are saving logs by day, then you'll only see the current day, so you'd want to change it some to load multiple days if that was needed. If you save everything to one log file without splitting it, then you'll get the entire thing. You can also adjust it to only load a specific number of lines if that was necessary.

In any case, I doubt increasing the limit is difficult and it won't affect anyone, so I don't see a problem doing that. But it would greatly increase lag for anyone in many large channels with constant conversation/text even on the fastest computers and what you showed is still only a low end computer compared to what's available today. And this increases even more for anyone logging all those channels. If lag doesn't matter to you, then that's up to you.