AN ACR REGIONAL JET CLBS ABOVE THE ASSIGNED ALT DURING A MISSED APCH PROC FROM IND RWY 23 ILS.

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WHILE BEING VECTORED FOR APCH TO RWY 23R AT IND WE WERE IMC WITH ICE; SNOW AND TURB. WE WERE ARRIVING DURING A BUSY 'TIME' BANK. APCH HAD SLOWED US TO 190 KIAS AS WE WERE VECTORED FOR APCH. AFTER WE HAD SLOWED TO 190 KIAS; WE WERE GIVEN A VECTOR TO INTERCEPT RWY 23R AND WERE CLRED FOR THE APCH. PRIOR TO SWITCHING OVER TO TWR; ATC ADVISED US TO SLOW FURTHER TO 160 KIAS AND TO SWITCH OVER TO TWR AND NOTIFY THEM OF AIRSPD. WE CALLED TWR AND GAVE THEM OUR SPD AND THEY IMMEDIATELY SAID THAT THIS WAS NOT GOING TO WORK AND GAVE US MISSED APCH INSTRUCTIONS. WHILE I WAS CALLING FOR APPROPRIATE MISSED APCH PROCS; THE CAPT WAS CONFERRING WITH ATC AS TO WHAT THE PROB WAS. THIS DIVERTED MY ATTN AS I WAS HAVING TO VISUALLY VERIFY THE CAPT WAS ACCOMPLISHING THE TASKS I WAS CALLING FOR. WE WERE ASSIGNED 3000 FT ON A 270 DEG HDG. THE RIDE WAS ROUGH AND AS I ATTEMPTED TO LEVEL AT 3000 FT WAS CAUGHT IN AN UPDRAFT AND FOUND OURSELVES AT 3700 FT NOW DSNDING BACK TO 3000 FT. HAD THE CAPT NOT CONVERSED WITH ATC ABOUT WHY WE WERE TOLD TO GO AROUND AT THAT 'PARTICULAR TIME;' I WOULD NOT HAVE HAD TO DIVERT MY ATTN FROM FLYING THE ACFT TO VERIFY THAT THE CHKLIST WAS BEING ACCOMPLISHED. THIS WOULD HAVE ALLOWED ME TO PERHAPS NOTICE THE UPDRAFT SOONER AND ACT ACCORDINGLY. IN THE FUTURE; SAVE ALL INQUIRIES UNTIL ON THE GND OR WHEN NOT IN A CRITICAL PHASE OF FLT.