try /LARGEADDRESSAWARE to give Windows 32-bit builds access to more RAM.

gyp/common_conditions.gypi

 # conditions used in both common.gypi and skia.gyp in chromium
 #
 {
   'defines': [
     'SK_ALLOW_STATIC_GLOBAL_INITIALIZERS=<(skia_static_initializers)',
     'SK_SUPPORT_GPU=<(skia_gpu)',
     'SK_SUPPORT_OPENCL=<(skia_opencl)',
     'SK_FORCE_DISTANCEFIELD_FONTS=<(skia_force_distancefield_fonts)',
   ],
   'conditions' : [
@@ skipping 13 matching lines @@
         'msvs_cygwin_shell': 0,
         'msvs_settings': {
           'VCCLCompilerTool': {
             'WarningLevel': '3',
             'ProgramDataBaseFileName': '$(OutDir)\\$(ProjectName).pdb',
             'DebugInformationFormat': '3',
             'ExceptionHandling': '0',
             'AdditionalOptions': [ '/MP', ],
           },
           'VCLinkerTool': {
+            'LargeAddressAware': 2,  # 2 means "Yes, please let me use more RAM on 32-bit builds."
             'AdditionalDependencies': [
               'OpenGL32.lib',
               'usp10.lib',
 
               # Prior to gyp r1584, the following were included automatically.
               'kernel32.lib',
               'gdi32.lib',
               'winspool.lib',
               'comdlg32.lib',
               'advapi32.lib',
@@ skipping 575 matching lines @@
       'defines': [
         'SK_USE_POSIX_THREADS',
       ],
     }],
   ], # end 'conditions'
   # The Xcode SYMROOT must be at the root. See build/common.gypi in chromium for more details
   'xcode_settings': {
     'SYMROOT': '<(DEPTH)/xcodebuild',
   },
 }