I don't see any benefit to what you want to do. Just put the OS and all program files on the first drive, and the data on the second drive.
You MIGHT see a performance difference for relocating the swap file on something with a huge amount of I/O, like a terminal server...
Even then, it should be on a separate disk, and it should be SCSI.
And I've never been a fan of installing applications to any partition other than C, but that's just me...
As for the size of the pagefile (and this is one of those things that people fight over around here), should be 1.5 times ram, last I checked.
Matt J.