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Let's not be alarmist now. It adds to FUD when an automated tool has merely reported "this network request is the slowest on your page". Something must always be the slowest, by definition.
Automated tools are not capable of determining whether the relative performance actually matters. The same goes for preposterous automated security checks.
On the other hand, it's not really true that Munchkin is doing a lot of "work". The load time refers to the time to (asynchronously) load the Munchkin bootstrapper and (again asynchronously) load the current Munchkin library. Neither of these loads has any user-facing impact at all, unless you're using an old-school(as opposed to ) event in some other essential JS, which is itself a bad practice.
A vital way to reduce the user-facing performance impact of Munchkin is to turn off click tracking (addto links, or at least to most links). You must be acutely aware of the consequences of doing this.