Perhaps not, but I want to partition it into TWO boot volumes, one for Sorbet Leopard and one for Tiger. That is 500 GB each.
I do also want both partitions to be big enough to hold all of the apps for each OS. This dramatically decreases app load time. Now admittedly, a 500 GB drive positioned into two 256 GB partitions would almost certainly work, but 500 GB partitions turns that "almost certainly" into "definitely".
In the end, this is not about " need", it is about " want". Yesterday I booted my G4 Sawtooth into Tiger, forgetting that it was on an SSD. It was SO fast, even on a G4! That got me thinking about doing this on my Quad. Imagine how fast THAT would be! I want that!
Ok, I understand you want speed/performance. 👍 Substitute the word I used "need" with your word "want" and re-read, then think. What I am suggesting uses 2 SATA I-buses (faster than 1)
or 1 SATA I -bus and via a PCIe a SATA III-bus (even faster option). All this while avoiding possible compatibility issues making things simpler. And obviously you can partition the boot drive like you plan and apps and docs can be installed to any drive - even to that SATA III SSD connected to the 40€ PCIe card.
Imagine how fast THAT would be!
I don't need to imagine it, I know how fast it is vs the spinner and how slow it is vs for example the PCIe-option - I've tried most combos with my G5s.

I am just offering options I have found good by trying them myself. Some food for thought for you while planning for upgrades.
But, all of the above is faster than the original spinner, including one big drive connected to one SATA I bus like you plan. In the end choice is of course yours.
Here are some comparisons I made earlier.
Pic 1: Spinner vs cheap mSata SSD vs expensive 1TB OWC SATA III SSD in the internal bus. Yes, much faster than the spinner but notice how the SSDs are bus restricted and basically equal (and slow vs how we think SSDs should perform).
Pic 2: same mSata SSD in internal SATA -bus, different benchmark. Compare to pic 3.
Pic 3: 1TB OWC SATA III drive in a OWC Accelsior S PCIe -card. Compare to pic 2. Notice the difference between the 2 SSDs? They were equal when connected to the internal bus (pic 1). Still not 100% of what the drive can do (in a modern machine) but totally transforms G5 disk performance for around 40€.