in term of performance it's fine
Is it any quicker then using cf/sd?
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let me put it this way. would you put your windows pagefile on the local machine or on another machine over the network?
just put your swapfile on a cf. cf is faster than sd.
the important thing here is, what is your swap needed for? if you need it to supplement memory to run heavy applications, then you want it to be as fast as possible and located locally.
if you need it for large compiles then having an additionsal swap for such purposes may be appropriate since speed is obviously not a major concern for you (otherwise you would be cross compiling anyway and not using the z to compile natively).
you can always have several swap files, one smaller one locally anbd a large one remotely. ust make sure you make the priority of the local one higher than the remote one so it will always use your local one first and only resort to the remote one when you really need it.