Hi,
The Protx Form module works by collecting the order details, sending these to the external Protx site, which then takes the customer's card details. This external site then calls a callback URL to return the customer to your site. It sends back information about the status of the transaction in a variable called "crypt" (as you noticed ;) ).
This information is decrypted and the status checked. If an error occured the user is alerted (by redirecting to the checkout payment page), otherwise control is handed to the Zen Cart order system which sends an e-mail.
No amount of bad data would cause your e-mail system to time out as the data is not passed to it, it is only used to determine if the transaction was successful. The order class is reponsible for sending the order emails (/includes/classes/order.php).
I'm afraid that everything points towards the error you are experiencing having absolutely nothing to do with the protx module. It looks very like it's one of those horrible "computer coincidences" that alerts you to an underlying problem that was there all along.
I wish you luck in finding it - these things can be quite frustrating! :)
Take a look and see what's happening in the order class... it looks like the problem is occuring there.
All the best...
Conor