ok, i found something called the .section directive.
this is a directive that you can put after a data or function declairation like a pragma that will direct the linker to put that piece of code or data into a particular section.
If you search your project for a file called generated.x you will find your auto generated linker script. Within this file you can find the different sections that are hooked to your instruction and data ports of your nios.
You need the instruction port of nios hook to any memory you want to run code from (obviously) and then you should be able to use the .section directive to guide the linker. I don't have an example but search around and I think you will find one.
even easier might be to hook nios instruction and data busses to your off chip ram and tell tell the IDE to use that memory section for .text section.
Then any functions you want to run faster, just set up a tightly coupled memory. There is documentation for that.
good luck, let me know how it goes.