Hi capricorn,
from my perspective paging file optimisation tweaks give the final 2% of performance increase in windows XP. i think the days of tweaking the page file (moving it, resizing it, defrag at each boot etc) all died off somewhat with the advent of XP. this said however in a commercial environment we have seen significant page file performance increases when moving the file to a non raid disk.
i think that there is a lot to be said for the hardcore tweakers that eek every last drop of performance out of thier systems, come on weve all been there with a good ghost image of the OS and a handfull of tweaks ... just looking to make or break the OS.
again from experience i have found that some of the better speed increases give percieved speed not actual ... you know like stop the menus fading, remove animations, sure less pretty, but hella lot quicker.
good luck in your quest ....
if after all is said and done you have time to kill and want to shuffle the pagefile about ... do me two favours.
1) if you have 1 gb or more of ram, run without a pagefile period for two days and monitor the performance
2) head over to axcel's page (ggogle-fu would help) .... he always has a strong point of view on PF usage and settings.
again good luck
Mooz