That should work. I have a dinky 4 gig Quantum Fireball as master, and my WD 40gig as slave.
No problems so far. I just link everything in my home directory like Movies, Pictures, MP3's to folders on the slave. If anything in Jaguar ever hoses the install and I have to wipe, all my media is safe on another drive.
I found a link to some info here:
http://www.xlr8yourmac.com/G3-ZONE/yosemite/IDE/I have a Rev 1 Blue and White. Oringinal 300 Mhz)
Like I said, I have had no problems since setting the WD to slave. (knock on wood). If I do, I'll probably just pick up a new IDE controller.
[ December 02, 2002: Message edited by: cocoamix ]