Yes, I'd go bigger, depending on what else you want to fit on the drive.
If you are resrving the space, I'd use a fixed size - or a minimum that will be larger than you reach (allocated, not just used) in any normal use.
The Rojakpot article
http://www.rojakpot.com/default.aspx?location=5 is also interesting - though some of the issues change if you are prepared to reserve as much or as little of a whole drive as needed.
A 5400 rpm drive is not that much slower, as the data density can be higher, and it's plenty fast enough for offloading the swapfile - even if the main drive is twice as fast.
However, the gain from offloading the swapfile may be limited, unless you ARE memory-tight, and it's loading from the main drive while swapping to the other.
Offloading TEMP to another drive may be more effective, if you can get as many things as you can there (eg. Windows temp, IE cache - anything that doesn't stay, goes on the temp drive, anything that does, on the other) - far less fragmentation.