Do you have a reason for wanting to put the pagefile elsewhere ? A common reason is to use Norton's disc optimiser, which will not allow checking or optimising on an NTFS drive which is in use (and of course, drive C: is always in use....
Separating pagefile is a sensible thing to do, but there are some factors to consider. Sometimes, when you add a new HD on a channel which already has another device on it (such as a CD or DVD or even your original HD) you can potentially suffer a performance hit on the second drive. You would need to check the access type (DMA etc) after adding the new drive to ensure you have not lost performance.
Another alternative is to shorten the C: partition and add another partition on the same drive just for swapfile use. Many do this, and setting aside 1GB is a suitable size. There is not normally any performance hit from that approach.
Also note, if you have adequate memory of 512Mb say, your PC will rarely use the pagefile anyway.