External HD sizes

[Dwayne Bradley]

I have a couple of quick questions that I am sure a genius or two (or three) on this list can answer for me.

I just got my copy of FCE (which by the way I think is awesome compared to iMovie in the short time that I have got to play with it) and I am looking at getting a couple of external HD's for external storage/work space.  I have seen before on this list that the external HD approach is advisable.  Would two 80GB drives be sufficient for about 1-2 hours worth of finished video work?  This length of time would be for all projects that I am working on at the same time (3 to 4 max), not just one project.  Would you suggest using the drives independantly or put them into a RAID 0 (stripe) or a RAID 1 (mirror) configuration?  Also, where do you suggest that I store the project file?  Internal HD or on one of the external drives?

Everyone's opinions and suggestions are greatly appreciated.

Thanks,
Dwayne Bradley