YEEHAW!
I created a second PhotoDream by renaming it, then dropping into the dreams directory. And now I can have TWO photodreams playing, one per monitor, each with different random image sequences. 8)))))))))
CPU usage is nada, so I will be doing the acid test on the triple display tonight...
UPDATE! The new beta solved these issues for me completely on my uber 3 monitors, 2 GPU system. As long as I create three versions of Photodream (just by copying and renaming), and then assigning each one to a different monitor, there is no explorer.exe performance hit, etc. etc.
My dwm.exe use is 10%-ish with THREE complete dreams playing on 30", 30", and 24" monitors. 8))))))