1) Find out the runtime of the stored procedure under typical load
2) Find out expected response time for majority of the users
3) if #1>#2, it needs fixing
4) Find out the IOs used by SP
5) Multiply #4 by expected average usage (e.g. will the SP be used once a day by one user, or every 1 minute by 100s of users?)
6) If #5 is greater than your DBAs will tolerate as too much load on DB, it needs fixing.
7) Repeat #5/#6 with expected peak usage.
8) if none of #3. 6 or 7 triggered "fix it" it's optimal. Go fix something else.
If you want more precise/better suggestions, go fix your question to provide actual details about the stored procedure, the environment and the usage.
Also, you need to read performance tuning guides, these 2 can start you off
http://www.sql-server-performance.com/tips/performance_main.aspx
Especially query plan analysis:
http://www.sql-server-performance.com/tips/query_execution_plan_analysis_p1.aspx