Ofcourse it's going to slow loading down, you are telling it to create an index while you are inserting, that's a lot of extra work, so it has to be slower.
Also, you are making it index on the full 200 chars of field3, that means it pretty much re-creates the entire column, that's 446771 extra fields that need to be sorted while they are inserted etc...
And finally, the very point of an index is to speed up your SELECT statements, not to speed up inserts. Indexes are not used during inserts, they are only updated.
BTW, how long do your queries take if you say that the increase is "only
0.3 seconds per query?
I think that once you get the indexes sorted out properly, you'd be amazed at their usefulness.
oh, and 446771 rows, times 0.3 seconds per query is a speed increase of 134031 seconds, or one and a half day. Sounds usefull to me! :-)