I am a product manager for MOTODEV Studio. Studio does not have a separate emulator, but there is another view of the existing emulator process that appears inside the Eclipse View. This is not faster than you already have, and depending on which transfer mechanism you use (native window or VNC), it can be 20% slower (native window is faster for Windows and Linux).
Now about why your emulator takes forever ...
When you first run the emulator image (ie, "AVD"), it must recreate the entire target file system on the local disk. Subsequent launches will require less time.
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