First, unless you have Windows 2000 or XP, you are limited to a single paging file.
The page file in and of itself has limited impact on system performance. Until, you need more memory than you have available RAM.
Anytime Windows needs to accessvirtual memory, your PC slows down.
This is because hard drive access is many times slower than RAM access.
The paging file begins to impact system performance when it becomes fragmented.
Having the paging file as a fixed size located as the first file on your new drive will provide the faster performance.
I am a strong advocate of having a separate partition for the paging file.
There are several advantages to this.
If the paging file is not on the boot drive, scandisk and defragwill not restart because Windows had to access the page file, and cause a drive contents changed message.
With the page file on it's own drive, neither the page file, or data files get fragmented.
As to size, even by my conservative standards,4GB is on the large size.
The 'standard' recommended size is 1.5 to 2.5 times installed RAM.
My minimum size is the larger of 2 times installed RAM, or 1GB - installed RAM.
I usually set up my PCs with a 1.5 to 2.5GB partition for the page file.
You can run system resource meter, and monitor just how much virtual memory (page file) that Windows uses.
Look at the largest amount used, and add at least 10%.
Chas