http://wiki.apache.org/solr/FieldOptionsByUseCase says that a field needs to be both stored and indexed for highlighting to work. Unless I'm very confused, though, I just tested and highlighting worked fine (on trunk) for a stored, *non-indexed* field. So is this info perhaps out of date?
Assuming it's correct that indexing the field is not required for highlighting, there isn't any highlighting performance benefit from indexing the field, is there? I guess if you have indexed and termVectors and termPositions then you'll see a highlighting speedup, but not from indexed alone.