You can do faster drawing using code like the following:
CGContextSetStrokeColorWithColor(context, strokeColor);
CGContextSetFillColorWithColor(context, strokeColor);
CGContextSelectFont(context, "Helvetica", fontSize, kCGEncodingMacRoman);
CGContextSetTextDrawingMode(context, kCGTextFill);
CGContextSetTextPosition(context, 0.0f, round(fontSize / 4.0f));
CGContextShowText(context, [text cStringUsingEncoding:NSMacOSRomanStringEncoding], strlen([text cStringUsingEncoding:NSMacOSRomanStringEncoding]));
However, the Mac Roman encoding for the Helvetica font on the iPhone is missing symbols for many non-English characters, so I think you're stuck with the NSString drawing methods unless you want to step up to Core Text in iPhone OS 3.2.
To check and see if your string can be represented using the Mac Roman character set, use something like the following:
if ([text canBeConvertedToEncoding:NSMacOSRomanStringEncoding])