As a very simple test, I did the following:
1) Sent one item to be repaired (correct pickup time, no items ahead of mine)
2) Sent a second item to be repaired (correct pickup time, one item ahead of mine to be repaired)
3) Sent a third item to be repaired (Same pickup time as the above, one item ahead of mine)
The time and amount of items ahead of mine remain the same, regardless of how many items past one are entered. To test this, I opted to repair a fourth item
4) Attempted to repair a fourth item, Same pickup time as the second, one item ahead of mine. (I did NOT repair this item, I merely used it to check if it was the same as the above)
I will edit this post once I attempt to pick the three items up.
EDIT#1:
I picked up the first item on schedule however, it lost all HP and MP mods. These should be 20 HP, and 150 MP. Upon seeing this, I relogged into the game, to see that it still lost said mods.
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http://i220.photobucket.com/albums/dd173/Hostinmysignature/RPB.png )
Name:Rare Paladin's Blade
Power:970
Type:weapon
Class:slash
Durability:100
Quickness:0
Weight:82
Defmod:50
Hpmod:0
Mpmod:0
Strmod:0
I tried to equip it afterward to see if it was merely a bug updating the stats of the item, it boosted my stats according to it's normal mods. I had to relog after equipping it, to see it's mods once again.
EDIT#2:
I picked up the second item, I have the few minute delay between the second item, and when I put the third item up for repair (less than 10 minutes. After the first item in line, an additional delay aside from time between item input is not added, a third item can be repaired almost instantly.
Name:Rare Spirit's Guard
Power:70
Type:armor
Class:light
Durability:100
Quickness:0
Weight:65
Defmod:6
Hpmod:75
Mpmod:1
Strmod:0
Another instance of stats not showing up correctly on the item until equipped (and possibly relogged).
EDIT#3:
Name:Rare Cerberus's Hide
Power:88
Type:armor
Class:heavy
Durability:100
Quickness:0
Weight:92
Defmod:0
Hpmod:0
Mpmod:0
Strmod:0
Item stats not displayed until equipped(and possibly relogged), zero additional item in line delay confirmed.
How to repair items faster:
Take two items that will have low repair costs (low grade rares, etc) and opt to repair them.
Take any additional items you wish to have repaired, and start adding them all in succession to the the first two.
All items will then be repaired at the same time (+the time between item inputs) as the second item.
To restore "De-modded" items:
Equip the item.
Have the game update the stats. (or relog)