Given that it's a user-entered field, I see tremendous potential for disregard and abuse which immediately takes away from its potential value. The performance hit that we'd see (however minor) with 2 more fields for the users (x 78000+) doesn't seem worth it.
The performance hit should only happen if all 78k+ users were to view a profile page at the same time. You're right about the innaccuracy part however.
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