I don’t know how much of this you actually do, so I’ll go through the lot.
Generally when you import the obj to XSI remember to note the Alpha depth factor, and put it in the import ppg. Save the displacement map as a tif and flip it vertically. Your settings in ZBrush seem to be right, except that I export the displacement map at 4096. When I export from ZBrush, I normally export the obj at a sub div level of two, and when I import obj’s from ZBrush I click the flip image, click the view dependent and set the subdivision to 0.
In XSI set the geometry approx displacement to fine, refinement settings to 1, view dependent should be on, play with the sharpness later, and I normally leave the sub. limits at 0 and 4 to start with, then increase the max limit 'till you find the level of accuracy/definition you need.
set your render options logged messages to include info, progress and basic debug, and open the script editor. If it does hang you can easily find out why.
that’s about it.
I did import your model, but with respect, I think you need to clean it up. There seems to be a lot of border edges all over the place. You should try to make it one mesh, or keep it as separate meshes, but give each one individual uv’s. At first it wouldn’t import to XSI cleanly, and I imported to wings and exported again, then it did load.
The alpha depth was 147.88!! I don’t know much about the whys of it, but it seems very large to me, though as I say I don’t know much about the technicalities. XSI only goes up to 100, and my previous alpha depths went up to 15 once, that was tops.
i hope this helps a bit.