In MySQL, views are not "materialized views." Every time you query the view, it's like querying the base table. Some other RDBMS products have materialized views, where the subset of the table is also stored, but MySQL does not have this feature.
You have misunderstood the temptable algorithm for views. That means it creates a temporary table every time you query the view. This is probably not going to improve performance.
I'm not sure why you say that it's impossible to use the table. Do you mean that queries are not fast enough? That's not really the biggest table that MySQL can handle. There are tables that have hundreds of millions of rows and are still usable.
You may need different indexes to serve your query. You might benefit from partitioning (although I don't think table partitioning is compatible with fulltext indexes). You might need server hardware with more RAM or CPU horsepower.
If fulltext searches are important, you could also consider copying searchable data to a fulltext search technology like Sphinx Search. See my presentation Full Text Search Throwdown.