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Unfortunately, with text files, you don't have a lot of options. They aren't indexed so even if there was a way to specific some way to narrow down your search to only lines that contain a specific word or phrase, you still need to read through the entire file to find those rows.
From the Input tool, about the only options you have are to Set the record limit which limits the number of rows pulled in and/or Start the import at a specific line
If your text file is fairly static and you need to read it often, consider having one process that that reads the entire file and writes it back out as an alteryx.yxdb. The data will be highly compressed on write, the size of the file will probably drop down to about 100MB or so and subsequent retrieval speeds should be 10 to 20 times faster.
If your initial file changes often, consider having a server process that runs periodically and updates the .yxdb file