First, as long as both machines are your own personal machines, you can use the same copy on both of them. Of course, if you feel that you're getting more than your money's worth, we encourage an additional registration, but you don't have to.
Your partitioning sounds just about right, but you don't have to add 20% if you're not planning on filling it up... just about 20% over the expected data space.
If you're getting another drive too, you might as well plan for it now. Otherwise you'll have some "vulnerable time" without a backup, and that's never a good thing.
Finally, yes. That's how the sandbox works.
Sounds like you're set!
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--Dave Nanian
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