That depends.
If the text could conceivably be VERY long, you're doing a favor to mysql anyway by saying:
select id, SUBSTRING(longfield,1,75) from mytable
REGARDLESS of what I suggest. However if that is not the issue, you might try this:
select id, SUBSTRING(longfield,1,75) AS SubStringText, LENGTH(longfield) AS MaxedOut from mytable
then you can use the extra field "MaxedOut" (which is calcuated really fast) to determine if you need an ellipsis ...
does that make sense? This is probably better than building a complex CONCAT() expression in mysql - php is faster for the processing of these things.
BTW, check the syntax on SUBSTRING() - I'm shooting from the hip :-)
Samuel