Ideally, you would use a SATA hard drive as the boot drive. The Seagate drive should automatically clock down to SATA I or can most likely be adjusted with a jumper. Since Bunnspecial states it will work, it will work.
Some people replace the IDE cable with one with two ports on it so they can connect both the optical drive and HDD at the same time.
Some computer techs will tell you not to put a HDD and a ODD on the same IDE cable something about compatibility issues with the speed of the HDD vs speed of the ODD, However AS a computer tech, I have not experienced any problems doing this one any motherboard newer than Socket 754