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Sure:

awk '
NR==FNR{ # When the first file is being read (only then are FNR and NR equal)
W[$2]=$3 # create an (associative)...

You could try to do it all in awk, that would speed up things. For example:
awk '
NR==FNR{
W[$2]=$3
next
}
{
for(i in W)
if(length($i)>W[i]){
print >...