Thanks JoffM and Jelo!
JoffM's solution seems to work for the time being, keeping in mind Jelo's comments.
So I changed all the email template columns to "mediumtext" in the  table "[limeprefix]_surveys_languagesettings".
Everything seems stable enough:
-  I'm able to send and receive my lengthy emails
-  works fine with 'Placeholder fields' included
-  no issues editing email templates
Bug reported : 
    bugs.limesurvey.org/view.php?id=14021
Curious if it's only MySql that's affected as PostgreSQL doesn't seem to have such a limitation for 'text' columns, that I can find anyway.