I get serious performance issues when running iTunes with the library on an SD card. I think the problem is that SD cards are designed for sequential reads and writes (as in a media stream from a video camera for example) and have problem coping with the more or less random reads that happen when loading album artwork, for example.
I now have the iTunes library on my primary disk and the iTunes Media folder on an SD card, which is working much better. In Preferences under "Advanced" you can set the iTunes Media folder location. Then you can consolidate the library to copy all media to that folder.