Having the page file on it's own partition will only stop it from becoming
fragmented.
You will hear arguments on both sides, but in my opinion, it's not needed.
It would make more sense to place it on a separate drive from the OS.
As to size, that depends on what your doing with your computer.
Using word, cruising the net, a small one is fine.
Playing high end games or editing graphics or movies, larger is better.
Unless you have specific needs, just let Windows handle it. It does a fine
job
on it's own for the majority of people.
Making a partition just for the swap file can slow things down because
the disk head will do more ling seeks. You can prevent swap file
fragmentation by setting pagefile size MIN = MAX in
controlpanel/system. If, after that you do a defrag that includes
system files the swap file (and everything else) will be 1 fragment,
each. There is at least one free downloadable tool that does that. I
think it's from System Internals web site. The paid-for defrag tools
do it too.
You need to decide how big to make the swap file. Start all the
appplications you waht to be able to run concurranlty then start Task
Manager (right mouse click on the task bar, pick Task Manager)
and look at the Performance tab. The lower half of the panel graphs
your pagefile usage. You want a generous # but too much doesn;t buy
you any additional performance. If, later, you get an Out Of Space pagefile
message you can expand it in Control Panel and defrag, again.