mounting the /data partition as ext2 does not gain any speed. Done it, seen it.
either you go for the loopback solution, or the external sd solution.
Surely you mean mounting /data as ext2 is no faster than the existing loopback or external ext2 solutions, right?
Otherwise why on Earth does the loopback solution work at all? (RyanZA proved it was mostly due to a 4k block size on the fs, as I understand it.)