It's hard in development to separate them but I'm assuming the memory problem is in the server part of the process not the browser part.
I would be surprised if a browser had memory problems with your page.
So, if the server is having problems then I'd look really closely at your query. Are you running unnecessary joins? do you have any indexes you need? Are you creating the html in the best possible way. Yes, it's alot of data but in your environment you've only got one user, wait until your site gets some traffic!
Do the drop downs really, really need to be generated from the database? Can they be cached and updated daily or weekly? If this was so you could create a text file with just the <select> bit in there and then include that each time you need it. Then at regular intervals you could visit another page which generates the file. When things really settle down you could create a cron job to generate the file for you.
HTH