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InfluxDB
Power Real-Time Data Analytics at Scale. Get real-time insights from all types of time series data with InfluxDB. Ingest, query, and analyze billions of data points in real-time with unbounded cardinality.
Not sure which version of MySQL you're using, but one approach would be to use a tool like pt-online-schema-change (from Percona) or g-host -- which will create a duplicate table and then swap it in place of the original table. It's a safer approach when operating in production environments. Here's a good comparison of the tools many people use https://planetscale.com/docs/learn/online-schema-change-tools-comparison
On the other hand I do not know if reducing the column size is going to improve the performance of the queries, for experience I comment you that normally the problem is that a good index is not defined so check if you use some fulltext or btree index. If you can use a btree and the query is simple, maybe you can use this tool that I made to recommend an index from a query https://github.com/Gonlo2/mig