OP:
"Rather than paying for 2TB storage I'd rather have 2 accounts set up with most data defaulting to my external drives for each user. Both users would have their own drive that would remain connected."
My advice is to NOT do this.
You will soon run into "permissions hell", if you try to share documents between users.
If you have large libraries of:
- movies
- music
- photos
Then, DO get an external drive to hold them.
But DO NOT create a new user account on another drive (well, you can't really do this anyway, if you create a new user account using system preferences, it goes where your existing account is). There are tricks to moving a home folder to another drive, but I believe you must first create it on the internal drive, then move it afterwards -- don't bother with this!
Instead, do this:
Get an external drive (I recommend an SSD).
If it is to be non bootable, format/erase it to HFS+ (Mac OS extended with journaling enabled, GUID partition format).
(I ALWAYS recommend HFS+ for non-booting drives that are to be used for data storage only.)
Now, copy over your existing libraries (such as the iTunes music folder and the Photos library, if you use photos) to the external drive.
You can then "direct" apps like iTunes (I'll guess this works for Apple's Music.app as well), and Photos to use them instead of the libraries on your internal drive (hold down the option key as you launch iTunes, Music, Photos, etc.).
For other folders like documents, just copy the documents folder to the external drive, OR, create NEW folders on it for you various types of data. (examples: "banking", "taxes", etc.)
Again, you DON'T want to use separate accounts, because the Mac is going to "see them" AS "separate accounts" with different owners, and you'll get permissions errors trying to open stuff in one account from the other.
Doing what I suggest above IS NOT difficult.
I've NEVER used the folders inside my home folder for primary storage of anything important.
EVERYTHING is stored elsewhere, on separate drives or partitions.
How I set up my internal drive:
FOUR partitions:
- boot (OS, apps, stripped-down accounts)
- main (all my main data, except for as follows)
- media (photos, videos, etc.)
- music (music, of course)
I move between all of them as I interact with my Mac throughout the day.
Been doing things like this since the 1980's.