Note: I do NOT believe there is much of a limitation on the MBOX format or Mail's handling of it... I have multiple boxes that are approaching 1GB in size and have 10-20K messages. And I have about 300 mailboxes.
HOWEVER, I have nowhere near 10K in my Sent messages. Mail's special mailboxes may be an issue when they get that big. None of In, Out, Sent, or Trash are near that big for me.
I would make the same suggestion... break into folders... But don't do it under the special Sent folder... create your own SentArchive folder... and in there, you can probably keep pretty large mailboxes there without an issue.
HTH.