Ok, I am going to have to go against the grain here and disagree. I think running the iMac from an external drive is a very workable solution.
For the past 4 years I have been running off of external SSDs in my Macs without a hitch. Performance and stability have been excellent. I don't have experience with the T3, but I can tell you that I have had multiple Mac Minis running off of this external USB3 enclosure:
https://www.amazon.com/Inateck-Inch-Drive-Enclosure-External/dp/B00FCLG65U
Granted, its not the nicest looking enclosure but it has been 100% reliable. Uptime is measured in time between forced reboots for OS updates. With Samsung 850 EVO 512GB and 1TB SSD drives speeds are 450MB/s. Are they as fast as Apple's internal SSD drives? Of course not. Could you tell a difference, not as much as you might believe. When I format these drives, I leave 10% unformatted, which helps with garbage collection since TRIM is not supported. I can almost guarantee that even without TRIM, these drives will last longer than your system will.
If you are afraid running an external would be 'clunky' then I would opt for something like this Twelve South storage shelf:
https://www.amazon.com/Twelve-South-BackPack-Storage-Displays/dp/B00C1C1WU2
If you are surprised about my comment regarding external drives running at 450 MB/s compared to ultra fast internal SSDs, take a look at this article:
http://techreport.com/review/30993/samsung-960-evo-ssd-reviewed
In that article they tested Samsung 960 EVO SSD drives with max throughput of 3200 MB/s read and 1500 MB/s write. Performance comparison between that fast SSD vs an 850 EVO SSD with read/write speeds of about 500 MB/s in real world terms are as follows:
Windows 8.1 Boot time:
Samsung 960 EVO ~ 15.3 seconds
Samsung 850 EVO ~ 15.5 seconds
790 MB 4K video load time:
Samsung 960 EVO ~ 6.5 seconds
Samsung 850 EVO ~ 6.5 seconds
523 MB GIMP image load time:
Samsung 960 EVO ~ 8.3 seconds
Samsung 850 EVO ~ 8.5 seconds
159 MB Project opened in Visual Studio containing source code for LLVM toolchain:
Samsung 960 EVO ~ 6.5 seconds
Samsung 850 EVO ~ 6.5 seconds
Ok, now I realize that these drives were not Apple SSDs, but were instead Samsung 960 NVMe drives. But we are talking about the difference between drives that are getting an actual 2,000 MB/s read times vs drives that get 500 MB/s read time. And the difference in real world usage is not detectable. Running off of USB3 will cause a slight performance penalty, but not enough to make a difference.
I say go for running external. I can't vouch for the Samsung T3 since I do not have experience - but I will say that I have had very positive experiences running off of external drives for a long time (including HDD before SSDs came onto the scene).
Personally, on my next Mac purchase I am going into it knowing that I will most likely be using the internal drive as a scratch drive or backup drive, and plan on running exclusively on an external SSD. I like the fact that if there is an issue with the drive or I want to boot my system on a different Mac, it is plug and play. If I can get an external Thunderbolt 3 enclosure for a good price, I would be very open to switching to that - but otherwise running off of an external USB3 drive with UASP support works very well!
That is my take....