That delay is there to allow the IDE controller and HDD time to initialize so that the BIOS can then read the x2config.ini file from the disk.
Your hi and low are well of mark, there are a number of threads in this forum where this question has come up. Xecuter has stated multiple times that the delay can't be avoided and will not be removed. I'm at least hoping that before they retire the original Xbox BIOSes altogether that they at least either replace the "config live loading" text with something a bit more flashy (like an X2 logo or related graphic) or better yet provide the end user a way to embed an image.
-Whoopin'