I looked into it, and it turns out that we have PPC Power5 cores, which don't have AltiVec instructions. That means that I can only run the "dummy" code on our cluster, which is pretty much a non-starter, unfortunately.
About the hmmpress utility, I probably just don't understand how everything is supposed to fit together because it seems to want stockholm alignments, whereas my "database" is a large file of unaligned fasta sequences.
About E-values versus bit scores, I'm doing some background reading about how they relate to database size and query sequence length.
What is the exact model of PPC? AltiVec/VMX are not available to all models. On linux, you may check the availability from /proc/cpuinfo. On SSE3-supported CPUs, enabling SIMD makes Smith-Waterman tens of times faster.
Good point. Turns out we have Power5 chips, which don't have AltiVec, unfortunately.