You are right, it takes a really long time. To handle this the original author of the paper suggested using different SVM's based on the POS tag of the preceding word to make it practical. Even after that it took about 4-5 hours to train models for POS tags like NN on an aws machine with 32 gb ram. If you want to try the trained models are available at :http://bit.ly/nlp-cs6741-full.
