Leave your pagefile where it is (system defaults) - while it makes a hash of lots of other things, Windows actually handles paging reasonably sensibly.
The only tinkering worth doing is to limit the size of the paging file by setting Initial Size to 200-500MB and Maximum Size to 1-1.5GB.
Unless you are very low on RAM (and then you should use your money to add some more RAM) there's no realworld benefit in having a paging file on it's own dedicated disk .
