It should. That's called index-only scan.
But to be sure, you should examine the query execution plan.
Question
If I make the following index on InnoDB table:
CREATE INDEX index_name on table_name (col1, col2)
and perform this select query:
SELECT col2 FROM table_name WHERE col1=some_value
will MySQL retrieve col2 straight from index?
(What I'm trying to achieve is to drastically speed up the selection process)
Solution
It should. That's called index-only scan.
But to be sure, you should examine the query execution plan.
OTHER TIPS
I don't think MySQL will use index automatically, though SQLite will do. Try:
SELECT col2 FROM table_name use index (col1,col2) WHERE col1=some_value