If your system is doing little or no paging then there will be no
perceptible benefit from any tuning that you do.
If there is not a problem then don't waste any time fixing it.
If the physical RAM is larger than the working set (the RAM used by
Windows plus the applications you normally use) then minimal if any
paging will be taking place and the position and fragmentation level
of the page file is completely inconsequential.
After booting up and loading your normal applications, the status of
the RAM can be established in a minute by opening the Task Manager and
clicking the Performance tab (this description is specific to XP) :
The Physical Memory (K) box on my system right now says: Total:
916848, Available: 318312, System Cache: 442616,
so I can see that 318312 bytes of the 1GB RAM is unused (about 30%).
Every time I check it, it is about the same.
So when my system reaches normal "steady state" there is no need for
paging, everything fits into RAM.
The Commit Charge (K) box says: Total 563880, Limit: 2891056, Peak:
820080, so I see that the most RAM+page used since last bootup is
820080, less than my physical RAM, and the steady-state RAM+page in
use 577176 is well below the physical RAM.
If physical RAM is inadequate for your working set then a RAM upgrade
is far better than a well-tuned paging setup as, to give a quote from
the Microsoft technical article in the link below, "physical RAM can
be almost one million times faster than a hard disk" :
http://blogs.msdn.com/ntdebugging/archive/2007/10/10/the-memory-shell-game.aspx
If you do need to indulge in paging then, as has been said above, your
page file should be on your fastest HD together with a set of your
least accessed files.
If you are limited to one HD then the page file should be on the outer
edge (fastest part) together with your most highly accessed other
files (this would normally be accomplished by creating a partition on
the outer edge) in order to minimize seek time (the slowest action of
hard disk access by far).
The directory files (folders) which are often deeply nested in modern
Windows installations should be close to the page file and all files
on this partition need to be kept at a very low level of
fragmentation.