Pagefile on Raid 5 system

Hi,
I am looking after few IBM servers with RAID 5 ( 3×9.02 GB hard disk) servers. Pagefiles on the servers are located in the c: drive.
I am thinging about creating a new partition called E: and moving the pagefile over to the new partition. Is there any performance cost for it. Can you point me in the right direction please.
Regards
Mohan