As far as I know that FullText index searching interprets the search string as a phrase in natural human language and breaks words if necessary for searching as said on http://dev.mysql.com/doc/refman/5.5/en/fulltext-search.html and most important look here
*The stopword list applies. In addition, words that are present in 50% or more of the rows are considered common and do not match. *
And I believe that your every email will have .com (. as stopword) in it meaning your whole table will be matched against your provided search.
You better go with simple indexing with InnoDB as it will be better for faster inserting of records and make simple where clause.
I don't know what algorithm is used for FullText searching as opposed to normal index for string search but suppose if you are doing it with FullText indexing, I guess due to different interpretations it will take more than normal index because then it will have to look every email value as all have stop words like @ and .com etc. But this is just my understanding I am not a Data Search Algorithm Maker.