This can be very misleading.
The 29% may not be 29% of your files to be indexed. Instead, it can mean 29% of the work it has to index since it started indexing again.
So, if it has already indexed 80% of the files, then the 29% is 29% of 20%. (Or something like that.)
You are doing the right thing in leaving it overnight. But be warned that networks always add complications. The indexing speed may depend on the speed of you network.
You can tweak the Index Options to the "most aggressive" option. You might also want to look at the filetypes that it is indexing. I can't see any point in indexing photos myself. They may slow things down.
As to moving the index, you can try telling X1 to move it to a network location. A manual move probably won't work.
Remember, the version you are using isn't really designed to be the sort of corporate tool that works on networks.