As far as game play goes, you should suck up the compile time so that the player gets the game started sooner.
But the size of your word list may slow down the load time either way. It takes time to load a big executable, or it takes time to read the file.
Depending on your target platform, you may want to be conscious of how big the executable (and data) will get.
In Tier2, in theory, you could do things like file indexing to do relatively quick checks of segments of the file. Sort the word file alphabetically and create an index file showing where each letter begins.
In Tier1, you don't have that option. There are no random access file functions.
Games aimed at mobile devices need to be a smaller footprint.
If you are aiming your game for the Windows market, you aren't quite so constrained.
Cheers,
Ancient Lady