That is generally how I plan to do my setup - Drive 1 for OS X, Win64 and applications with three 1TB+ drives for data storage (backed up to external storage via Time Machine).
While it is only personal preference, I would highly recommend using Seagate Barracudas drives instead of Western Digital. I have used them in all my Macs I have owned since 2004.
Also I would recommend for the drive that is going to hold you OS, get the hard drive with the biggest cache and the lowest latency, that will also help speed up everything in your system.