Sybase could handle a million tables, but, as you say, the overhead (in syscolumns and sysobjects) would be tremendous.
BLOBS would be a bad idea from the space management perspective, and would probably be a bit slow as well due to being stored on a different page chain.
If you are using Sybase 12.5 or later and you know that the binary data will be less than a set amount (say 4k or so) then you could use a 4k or 8k page size on the server, and use a VARBINARY(4000) (for example) to store the binary data. This would be quite fast as it is stored on the main page for the row, and wouldn't waste any space.
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