I don't even think that Hog is the right animal to compare this Smart Folder to. Hogs don't eat as much.
I had a Smart Folder in Mail set to contain all of Today's mail. No problem for a couple days. I also had 3 other Smart Folders, but no problems with them.
Anyway, I tried to view a message in the Hog SF and reply to it. Everything ground to a halt. I tried quitting Mail, selecting another message, etc... Nothing worked. Until I thought to go to another folder within Mail. All was well. I went back to the Ho SF, ground to a halt.
I opened up Activity Viewer to see what was up and every-time I selected the Hog SF my processor usage shot to 100%, if I selected any other folder, back to 8-9% (I had nothing else running).
So I deleted the offending SF and made a new one with the same settings.
All was well in Tigerland.
So, if Mail grinds to a halt, try deleting the SF and build a new one.