Firstly, tangentially, any reason you want all those partitions? I'm presuming you have bought some mammoth multi-GB drive, which is fair enough. Just in the past I've set up drives with partitions that seemed all logical and ordered at the start; and then after a couple of months I'd find that half were too small, the other half were too large, and half of them I didn't really use anyway.
For that plus security reasons (more drives means you loose less when one fails) I tend these days to go for a couple of drives instead of one-drive-many-partitions.
But that aside.
I've been running almost all my games off an external drive for ages and haven't noticed any performance hit. For reference this was a C2D iMac (3.06), running Vista32 and then Win7 64.
At first I set up a firewire (I can't recall now if it was 400 or 800, probably 800); but for logistics reasons I switched at some point to a regular USB drive and honestly I noticed no difference at all.
I didn't actually run framerate tests or anything but subjectively it was fine - and in my case, having the space on my internal drive was more important to me than a dropped frame here or there (presuming there were any).
So I'd say go for it. You can always install a game on your internal partition if you want to check performance yourself on a particular title.