Export records exports all the records present in your current found set. Thus, you can limit the number of record exported by controlling which records are present in your current found set.
In pre 2007 versions of Excel, the row limit was 65,536. So in your case you could have 4 exports of 62,500 records.
You would have to have 4 found sets and exports.
i think you may be able to script the export with a script kind of like the following:
Set Variable [ $end; Get ( FoundCount ) ]
Set Variable [ $limit; 625000 ] //whatever limit you want to break it down into
Set Variable [ $n; Ceiling ( $end / $limit ) ]
Exit Loop If [ $i >= $n ]
Go to Record [ 1 + $limit * $i ]
Omit Multiple [ $limit ]
Show Omitted Only
Set Variable [ $path; "file:" & Get ( DesktopPath ) & "whatever" & $i & ".xls" ]
Export Records [ $path ]
Show All Records
Set Variable [ $i; $i + 1 ]
P.S. The script hasnt been tested so it may need some tweaking.
sweet and simple - just how i like it... thanks!