Hi,
After consultation with Informix tech support, we did put in the CCFLAGS and that brought our archive time down to 4 hrs.
I also found some very interesting posts on the HP IT resource center about certain other bug that some versions might land into and their fixes.
Thank you all for your help. Do look at the HP resource site if you have time, it might just save you some time in future, just search for "informix".
Thanks & Regards