Chris,
I would recommend creating the index after - creating it before
requires Mongo to modify the index list on every single import which
*will* cause your inserts to get slower and slower and slower as that
index list grows.
When you create the index at the end, Mongo can grind front to back
through all the entries and create that index list for you.
Slow loading of *huge* data sets have come up before, and when the
indices are removed, people are generally not dying of old age infront
of their keyboards anymore :)