I tried to replicate the problem with Text::Diff, but I couldn't get it to hang. I tried with a couple of large files and a couple of small SLK files. Maybe you might have better luck if you choose a style. I went with "OldStyle" here:

#!/usr/bin/perl

use strict;
use warnings;
use Text::Diff;

my @seq1 = 
'ID;P
 P;PGeneral
 C;Y1;X1;K"Row 1 Left Justify"
 F;P0;FG0L
 C;Y2;X1;K"Row 2 Right Justify"
 F;P0;FG0R
 C;Y3;X1;K"Total at Center"
 F;P0;FG0C
 C;Y1;X2;K11
 C;Y2;X2;K22
 C;Y3;X2;K0;ER1C2+R2C2
 F;Y1;X2;FF2L
 F;Y2;X2;FF2R
 F;Y3;X2;F$2C
 F;W1 2 25
 E';

my @seq2 = 
'ID;P 
C;Y1;X1;K"Row 1" 
C;Y2;X1;K"Row 2" C;Y3;X1;K"Total" 
C;Y1;X2;K11 
C;Y2;X2;K22 
C;Y3;X2;K0;ER1C2+R2C2
E';

my $diff = diff \@seq1, \@seq2, {STYLE => "OldStyle"};
print $diff, "\n";
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