As you are aware, the url is sent using HTTP headers not the body (thats the post).
The maximum size a url can be is something like 1000 and a bit characters. This should really be ample.
In terms of speed, reaching the maximum length shouldn't really be a problem for the server to deal with, however if you are setting a load of variables using all these characters (leading to alot of variables) the processing script could see a slowdown and be where the process is most likely held up.
Hope this answers some of your questions.