Hi @konaire!
I’m a bit late to the party but want to give you my perspective. You can create some pretty large projects within Codea. Check out WebRepo 2.0 - Easy access to projects from the Codea community (not iCloud compatible) for example 
Admittedly when you open the project in Codea it’s a minimal setup. The vast majority of the project (dependencies & sub-dependencies) is downloaded at runtime (and cached) before being loaded. All of the dependencies are also available on WebRepo.
On a dependency related note, when you submit a project to WebRepo (via the project) it uses the Packager project to automatically bundle any project dependencies. You can use it as a standalone project if you want to export or copy projects with dependencies.
I hope this gives you some added confidence to build even bigger projects!