There are several optimization options depending on the circumstances.
If the number of chart points does not change and you are updating values only, you can use so called streaming mode. You can find the streaming usage example in the sample called Streaming inside the NChart3D package.
If the number of points change, but you are sure, minimal and maximal values wont change, you can use this method instead of regular updateData.
If minimum and maximum change as well as the number of points, but the points are changed incrementally (new points are added, but the old ones are still in the chart), you can use special mechanism for data appending. You can find the usage example of this mechanism in the sample called AutoScroll inside the NChart3D package.
Also, if you don't need points to be selected by click, you can set this property to false. This will speed up data updating in all the cases.