I am using the .wav files in CamillaDSP running on a Raspberry Pi 5. Running 64k taps did not present any problems whatsoever. My DSP load never exceeds 5% when playing music (2 channels), and my total RAM usage is <300 MB. (Needless to say, getting an 8GB version of the PI was way, way overkill.)
Regarding latency, I don't notice it. But, I am using my system for audio only, so latency does not matter in my setup. (If you are using the speakers in an A/V system, latency is a greater issue since you want to keep the audio and video in sync).