Fire Wizard posted a great thread on the Pagefile not long ago - do a search.
In short he explained that generally you should leave Windows to manage it. Though if you have a large amount of RAM, it is worth reducing its size. How much you reduce it depends on how you use your computer.
As for moving it to another drive, I think that is a bad thing to do. You want the pagefile on your fastest drive. Just reduce its size.