I must admit I always run with the –flat-nodes and –slim options combined, so my statements about needed RAM are based on that, and it might well be that loading all nodes in RAM needs more than your 128 GB for planet. Nonentheless, using –flat-nodes and especially –slim, should allow you to process the planet on that hardware you have (it is actually the --slim option that avoids reading all temporary data in RAM, and --flat-nodes saving it outside the database, the latter possibly reducing, although I am not entirely sure, the memory consumption of PostgreSQL). So, if you have SSD for storing the flat nodes table, certainly try and use both –flat-nodes and –slim.

Do not set your –number-processes to 1! It will disable parallel processing, the thing you actually want to have to speed up processing if you have configured your PostgreSQL instance properly to use parallel processing by adjusting the postgresql.conf configuration file. Be aware that, at least with --flat-nodes option enabled, I can’t say for sure without this option, the node loading stage seems single core. Only the way and relation loading seem multi-core.

If you don’t intend to run (minutely/hourly/daily) updates, but only intend to do full re-imports now and then, then dropping the slim tables using the –drop option is also recommended. It will save disk space and processing time.