So, testing with the portrait files, after moving the folder from its place:
It does nothing with existing characters other than changing the portrait to a red exclamation point since the pngs doesn't exist anymore.
If you create a new character after removing the portrait files, It eliminates the freezing (portrait selection during chargen, open main character inventory, change main character gear and right at the end of a loading screen) but the voice delay it's there in all its glory.