Any chance Time Machine will allow spanning of its backups across multiple drives. It would be a nice way to use some of my current smaller drives.
Though I have no experience with Time Machine yet, I'm sure you could set this up fairly easily. The trick is to go into Disk Utility and put all your smaller drives together as a "Concatenated Disk Set". It's one of the options under the RAID tab in Tiger. This joins them together into one large logical "disk" that OS X then sees as a single unit. I'm sure Time Machine will then use that just as any other disk. It shouldn't care at all.
I'll go with bankshot on this, you will with 99.99% probability back up to a RAID array, however, you will want to be careful. The setup outlined here (RAID 0 or striping) where you take multiple drives and create one larger drive increases your chances of your backup failing, since if one drive goes out you lose everything. There are other various RAID setups outlined here.
Various degrees of mirroring/striping are implemented and depending on your old drives you can setup arrays that can handle one or more drive failures without data loss, however you do sacrifice storage space for the redundancy. I currently run mirrored RAID drives on my home PC and work computer after some recent drive failures. Sure I'm wasting half my potential space but when it comes to that data I don't want to risk it over something as cheap as an extra HD.