I assume that $my_data
is an array of product ids that need to be updated.
If so, try this. It is much faster:
$db_data = array('custom_product_option'=>3);
Mage::getSingleton('catalog/product_action')->updateAttributes(
$my_data, //array with ids to be updated,
$db_data, //array with attributes to be updated,
0 //store id for the update : 0 = default values
);