Thanks a bunch, it works!
$ time flac -P 4096 -8 -o flac8.flac test.wav
flac 1.2.1, Copyright (C) 2000,2001,2002,2003,2004,2005,2006,2007 Josh Coalson
flac comes with ABSOLUTELY NO WARRANTY. This is free software, and you are
welcome to redistribute it under certain conditions. Type `flac' for details.
test.wav: wrote 67556817 bytes, ratio=0.628
Time: 63.68 seconds
$ time FlaCuda -7 -p 4096 -o cuda7.flac test.wav
CUETools.FlaCuda v0.8, Copyright (C) 2009 Gregory S. Chudov.
This is free software under the GNU GPLv3+ license; There is NO WARRANTY, to
the extent permitted by law. <http://www.gnu.org/licenses/> for details.
Filename : test.wav
File Info : 44100kHz; 2 channel; 16 bit; 00:10:09.3730000
Results : 55.23x; 67543253 bytes in 00:00:11.0338050 seconds;
Time: 11.18 seconds
That's… nearly 6 times faster, really nice! I'm going to play with the encoder's parameters to determine which settings suit me best.