http://partition.radified.com/ is an excellent article on partitioning strategies, and http://www.simplisoftware.com/Public/index.php?request=HdTach is a utility that can benchmark your hard drive to show you where it is fastest.
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The laws of physics say that the outer edge is going to be faster, although yes, it won't be night and day. The outer edge of a spinning circle is:
1) Moving faster - if you don't believe me, go take a spin on http://www.tharad.co.za/Pictures/Products/Picture_9.jpg.
2) Larger - more data is squeezed in a skinnier space. This is also an advantage of having very large drives. If you have 1TB of clusters on 3.5" of hard disk, there's going to be even more data crammed in there. And this is why your Velociraptor is a 2.5" drive (in a 3.5" enclosure). The data is more crammed on 2.5 inches, and it's less space for the HD head to cover.
In the end, there will not be a huge difference, but there is a difference between the inner bowels of the disk and the outer edge.
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Anyway, with BSAs, I categorize them. If you have three HDs, you can put some of the BSAs on a second drive (but not on the one with the pagefile). Just don't split them too much, because that would be unnecessary. For example, maybe 3 - 6 texture BSAs, depending on how many texture enhancers you have. You can then categorize them by what's inside to make unpacking/repacking and updating easier, and then split them across your hard drives (but not the one with the pagefile).
And finally, here are a couple of 1GB 4870s for $225 and $230 after MIR.
http://www.newegg.com/Product/Product.aspx?Item=N82E16814102801
http://www.newegg.com/Product/Product.aspx?Item=N82E16814121291