Assuming a site that originally allows 5 login attempts and locks for 15 minutes after that, under normal conditions that's an average of 180 seconds per attempt.
Assume your site allows N 8-bit partial preimage hash checks before a 15 minute lockout. (I would suggest, with 8 char minimum passwords, that you only count passwords that are 8-16 or 8-24 characters long. Otherwise a cat might try to test a several hundred char long password and the user will be locked out. DoS by feline.)
Under your system, seconds per crack attempt is (900/N + 900/5 * N/256). The first term is the number of pseudo-successful attempts with the fast 8-bit check, and the second term is checking those 1/256 passwords using the slow 5-checks-per-15-minute full auth check.
If you allow 40 8-bit checks before a lockout (N=40), you get 50.625 seconds per check.
Allowing full checks at a faster rate of 40 per 15 minutes, the second term disappears and you get to check at 22.5 seconds/check.
Obviously these decrease security, but if you're concerned about one check per 22.5 seconds, or even 1 check per 10 seconds, why would you want to decrease the effective check rate at all, from the nominal 3 minutes per check that's closer to standard? I don't think that going from 50 seconds to 22 seconds is "looking at the sun in a telescope" :)
The 256 hash buckets are going to create collisions. Given 8 char minimums, 7 incomplete passwords will be checked per user. That's at least one collision for an incomplete password per 37 users (7 * 37 > 256).
At least 1 out of 256 users will have the most common mistype of their password also collide with the real hash to 8 bits. Their only option is to change their password.
An attempt to reduce collisions would further decrease the time per cracking attempt, and since rock bottom is 22.5 seconds/request in that example, I don't think that's so horrible a price for a boost in usability, if you're going to implement this sort of password correctness hinting at all.