Depends on the number of images but it was like 30 seconds to a minute, really bad. I've been researching a better method still.
If it would be 30 seconds everytime the insert photo window is opened, then I wouldn't want it. If it just had to index all the photos once and then it loaded normally, then I vote yes.
30 seconds would have been acceptable on my commodore 64/128 but not today.