You might look around here
I think you'll have to find a reasonably good partition of your graph into smaller subgraphs that aren't very connected to each other so there's not a lot of work in the reduce step. Maybe you could do something like pick some random vertices, find the minimum cut for each pair of them, take some of those cuts, repeat that until you have some partitions, remember which vertices you cut, put them back in when you reassemble. It almost certainly won't give you an optimal solution, but maybe you can get something reasonably good if subsolutions can be combined well.
Good luck, sounds like a hard problem.