As you probably know, you will still have to collect your bags, clear customs, drop them again, and reclear security at ORD. This is because it is US policy that all baggage must be cleared at the first point of entry. It's one of the less objectionable policies as not all airports have actually got immigration and customs processing people.

As to whether it will be more time-consuming, I don't know. I was through ORD on a connection to IND once, but that was six years ago, so it's not a useful data point.