In the majority of programs, the performance difference will not be a big issue. Typically, performance is only really important in time critical programs or programs which are attempting to acquire data at high rates and for long periods of time (i.e. avoiding buffer overflow for high speed buffered data acquisition). My suggestion is usually to write the initial version of your program using good coding style and techniques which feel comfortable to you. While coding, note areas like this as potential points for optimization. If you find later that the performance is unsatisfactory, you can always come back and optimize the code segments in question.
If you decide later that you need to optimize this particular code segment one thing to note is that you can actually open the block diagram of the Extract Single Tone Information VI and get the SubVI which takes the frequency domain data and returns the applicable information (called Extract Single Tone Information from Hann Spectrum.vi). By choosing your FFT carefully, using the SubVI, and applying some math functions to get it into the proper coordinate systems you can eliminate the extra FFT used by Extract Single Tone without changing any of the functionality. This technique is used in one of the exercises for the LabVIEW Modular Instruments course which is being offered next year, and if I get some time I'll post it as an example on DevZone at some point.
Regards,
Ryan K.