To estimate how many megabytes your paging file needs. Load all the applications you normally use. Open task manager(press control-alt-delete) click the performance tab and find the peak commit charge. This is the maximum amount of memory your system has used since it was last started. Add 128MB to this number and this is a good setting to start with. The optimal configuration is to set the minimum and maximum to the same size preventing the OS from resizing the file.
Location is a complicated decision and is limited by the number of drives in your PC. There are numerous ways to configure this with each solution giving you a different amount of performance. Below are some suggestions:
Optimal = Put a paging file on each hard disk(or multiple hard disks) that does not contain operating system files.
Good = Put one paging file on a stripe set with no parity.
Adequate = Put one paging file on a stripe set with parity.
Worst = Put the paging file on the same drive as the Windows system files.
WOAH .... Does the clear up how much you should allocate and where it should be placed?

And after all that info, my answer would be it is good to place static pagefiles across multiple phyiscal volumes
