No on setting a root path for Gmail. Only use it for the few IMAP server that recommend it.
One option I recommend is changing the sync settings so Outlook only checks the inbox. If you only use Outlook to read mail and don't use rules on the server to file mail, you don't need to check unread count for all folders. The folders will sync when you open them.
Open Send/Receive settings (Ctrl+Alt+S) then select the send and receive group at the top and click Edit.
Select the IMAP account on the left.
Uncheck Get folder unread count for subscribed folders
Select Use the custom behavior defined below
Select only Inbox, Sent, and Trash.
This should speed it up quite a bit.
Note: The send/receive time in Send/Receive Group settings (Ctrl+Alt+S) dialog should be at least 5 min, especially if using Send Immediately for outgoing mail. When you open an IMAP folder Outlook will check that folder for new mail.
The option for "Send immediately when connected" is in File > Options > Advanced. It's about halfway down in the Send and receive group.