Ryan,
As Dan says, what you are proposing works, but IMHO not ideal. There can be (and usually are) performance problems or issues when sharing the IDE channel with slower IDE devices.
Example :-
1) Why you should NEVER RAID drives on the same IDE channel (SCSI does not suffer this problem)
a) IDE controllers can only write to one device on a single channel at a time -> performance issue
b) in some cases, if a master drive fails, the slave drive becomes inaccessible as well until its master is replaced or it itself is reconfigured as master -> reliability issue
2) If you share a channel between a fast UDMA capable HDD and another device only capable of PIO modes, then most controllers will force both devices to run at the slower PIO mode -> performance issue.
3) If you are using older motherboards with slower disk controller chipsets, you will not be able to take advantage of the capabilities of the newer drives. If you use an add-in controller or for just a little bit more a hardware mirroring controller, you can run the drives at their faster speeds (after enabling hdparm of course !)
4) OK I'm the first to admit that I don't care to remember too many commands if I can avoid it at all (got lazy with Windows). So, between trying to remember how to recover a software RAID if the problem comes about, and using a menu driven BIOS interface from a hardware controller, no guesses which one I'm going to choose. Since RAID recovery is (hopefully) something you don't have to do often, there is even less chance that I'm going to remember the procedure or commands to do it (especially if you get a call from a client while you are on the road). No such problem with a hardware RAID controller. I have clients who are really far away -> they can easily get and install a replacement HDD, but less likely find someone with enough tech. knowledge to work on the linux software RAID.
Just my 2 cents.
Kelvin