hmmm...depends on how the file server is hooked up I think...among other things
it's usually better to have the pagefile on another physical drive...mind you, not on another partition of the same drive, but if it's a differant hardrive, and if that drive is fast and big, and it is not used, and you are hitting the pagefile, you might see a gain....lots of ifs
a small drive would be counter productive, even if it were fast.
in any event, I doubt you would get any measureable gain regardless, as with your 512 mbs of memory, I don't think you're accessing your pagefile while on your game.
anyway, if you are writing from disc, just give it a go...simple enough to try