I always keep my LR catalog on my rMBP SSD. It is only around 7GB for a catalog of over 100,000 referenced images. By leaving it on the internal SSD, I can import images in the field, cull and edit. When I get home I use LR to move the folders from my SSD to my external Library/Picitures/Lightroom folder that sits on a RAID pair. Both the SSD and external RAID set are backed up by TM to a separate drive.
With the Catalog and app on your local drive, you should get faster read/write performance compared to them bing on an external drive.