Hi,
Texture format itself, shouldn't make any noticeable difference to Corona performance. If you see increased render times, then maybe there's other factors in play, like texture resolution, or bit depth?
JPG is good format for saving disk space, but you need keep in mind its limitations. Most important to know is that JPG is lossy format, meaning that it will degrade image quality to some degree. This is not crucial in most cases, but there is some cases, where JPG should be avoided - you would never want to save normal and displacement maps to JPG. I would recommend to save everything to PNG, or TIF (both formats are good for textures), unless disk space is an issue. Just remember, if you already have textures in JPG format, there's no reason to resave them to other formats - you won't gain anything from that.