I guess you mean having NS
records point to a CNAME
record?
It's not allowed. However, it usually works. Doing this has always been discouraged but the original DNS specification was never perfectly clear about it.
RFC 2181 clarifies that it is not allowed, and RFC 1912 is relevant too. This ServerFault question contains more details and is where I found the refences to those two RFCs.
Nonetheless, it "usually" works (but I wouldn't recommend doing it). In answer to your question, yes, it will be slightly slower (there's an extra name that must be resolved) but not significantly, and resolvers will cache everything after the first time anyway.