I have, I use a T3 connection to a USB-C enclosure with Crucial MX500. Speeds of this disk setup are 500mb/s. It’s my CCC backup. It runs a little slower on startup but for normal use I did not notice any issues. I even played a Tomb raider game and did not notice any lag. There are faster setups out there but mine is mainly backups and being able to change startup disk.
If you are looking at running from a external often I would either purchase the Crucial X8 or Samsung T7 and be done with it. It comes with the cables and all you need.
Protect your memories with the Crucial X8 Portable SSD — back up important photos, videos, and documents with up to 2TB capacity. Expand storage on your PS4, Xbox One, iPad Pro, Android device, or simply free up space on your computer quickly with speeds up to 1050 MB/s. The Crucial X8 runs up to...
SAMSUNG T7 Portable SSD, 1TB External Solid State Drive, Speeds Up to 1,050MB/s, USB 3.2 Gen 2, Reliable Storage for Gaming, Students, Professionals, MU-PC1T0H/AM, Blue
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You can leverage TB3 so why not go like a Samsung X5 1TB if you can stretch to it? Or 512GB (but is higher price/GB). WIll be near to internal drive speeds. Other makes are available.
For the past year, I have periodically booted Catalina on my Mac mini 2018 from an external SSD just to review Apple's latest OS revisions. Within less than an hour, I have always returned to booting Mojave off the internal SSD.
The drive I have been using is a USB-C drive, not Thunderbolt specific.
Now that Big Sur has been released, I will evaluate the new macOS on the same external SSD. My guess is that I will not upgrade my internal boot SSD until sometime in late Q1 2021 or Q2 2021.
I will always keep a Mojave boot drive on an external SSD during the lifetime of my ownership of this Mac mini 2018.
Most apps have a separate areas where they keep the content library and index files from the app and its config. You can move these and re-point the app to the new location. It kind of depends on the app though, you’ll need to Google for whatever you use and figure it out.