A Quick Update:
I did not touch either of the external drives. While I was deciding on what to do, another situation arose; Remember part of my original post, "New on the horizon: HD Video Editing/Final Cut."? Well this has come to a head and I needed to move forward on this. After a bit of research, I quickly realized I had a bigger problem... Disc space HD Video Editing. This forced a new purchase of two internal 1 TB Drives.

Here is the adjusted set up;

Internal Drive 1 = 320GB from Apple, Dedicated System Drive, Applications, etc.
Internal Drive 2 = 320GB Hitachi partitioned in half. 50% Main Media/working Files, etc. 50% Scratch disc.
Internal Drive 3 = 1TB Seagate Barracuda - (awaiting set recommendation. Slotted as FCE Scratch)
Internal Drive 4 = 1TB Seagate Barracuda - (awaiting set recommendation. Slotted as FCE BU until an external is available)

External Drive 1 = 750GB GTECH SATA II, 7200 RPM/16MB cache - Personal Freelance Media/working Files
External Drive 2 = 1TB Maxtor, 1 Touch. I'm not too fond of this drive, but I have it and use for a dedicated System Drive B/U, Time Machine. (FYI - I also have an off-site b/u server)

Thats all for now.
Thank you for all those who commented.

Steve

Ps. The part of my original post: "I can take that part of the conversation to another forum." I will be posting in the FCE forum.