The problem is not so much the speed at which you send the messages as
the manner in which sendmail processes messages going to a lot of local
recipients. The only way to avoid killing sendmail is to send these
messages with as small a MAXBSMTP value as possible. A single message
sent with MAXBSMTP set to the usual value of 2500 (usual for LSMTP) is
enough to kill sendmail, no matter how slowly you send it. One solution
is to run a DISTRIBUTE-only LISTSERV on the sendmail host, this way it
can be configured to spoon-feed the messages to sendmail with MAXBSMTP=5
or 1 or whatever you want. A small value of MAXBSMTP will keep things
under control because sendmail will become slower as the load increases
and will accept new messages at a reduced rate, and you will reach a
balance.
Eric