First suggestion - use the SVN, it's got a query cache in it that reduces the number of queries significantly, that'll help a lot.
Caching the actual HTML would be a bit of work, but definitely possible -- if you want you can even just set it on a time limit so the cached page is only refreshed say if it's more than 2 hours old and not even worry about whether the albums have been updated, etc. Of course you'd want to give yourself the ability to manually refresh it, but that's not too hard either.
I do this with a bit of code I put on the front page of my blog (the album art in the sidebar) and it wasn't too hard. Let me know if you need any help.