I agree with what other has written already. If you got enough RAM then the pagefile is not important and you should not care about old advices like 1.5 X RAM size. Just make up how much you want to possible overcommit your RAM and set the pagefile size to that amount.
I have always liked to set the pagefile to the same start and max size, mostly to minimize the fragmentation of other files. For the pagefile itself it does not matter much if it is somewhat fragmented.
As for placing on another drive I belive that advice came from a time where the disks were much slower than today. If your system drive is not using up all available IOs then there is no need to move the pagefile. Typically not much is read or written from the operatingsystem on C: after it is loaded. IF you have some very disk intensive application reading and writing to C: and IF you also overcommit your RAM a lot, then there could be interesting to move the pagefile away from the system drive.
sminlal :
(assuming you don't have some ancient program like Photoshop 6 which doesn't work without a pagefile)
Here is something interesting. I have not worked with Photoshop at all, but does it need the Windows pagefile? It is not some internal swap file it sets up?
I belive that typically the concept of system pagefile is hidden for the applications. They just address pages inside their virtual memory space, and the OS together with the CPU does the translation for the correct physical RAM page or perhaps the need to retrieve it from the pagefile.