With 768 MB RAM, I would have a fixed size of 2560 MB for the page file. I would set the minimum and maximum to this size; Windows will reserve all of this space for the page file, even if it isn't being used, so that your page file won't become fragmented as it grows and shrinks from the minimum and maximum sizes.
With Windows XP, here is the way I always defragment/optimize the page file. First, delete all your temporary files (I like the free Ccleaner for this) and then defragment your hard drive(s). When that's done, set your page file to "no page file", apply, then reboot. When you come back online, then set your page file to 2560 MB for both the minimum and maximum sizes. You can defragment again if you want, but your page file should be all or at least almost all in one place.
Since you've got two extra hard drives, you could always put the page file on one of the extra (empty) hard drives and possibly skip the defragmenting step altogether. That's just what I do with a typical one hard drive setup.
Resizing this way shouldn't slow down any operations, at least after you're done. I wouldn't be trying to work on the PC while doing all this, though.