this came up once before here...althoguh it may have been based as a cdrom question.
no need for a raid controller, having two heads the onboard would be designed for them to work as one...similar to raid, without the latency issues.
IT seems to me a larger 5.25" drive could be created with slightly larger disks, a nd more of them. one that took up two 5.25 bays could easily fit 10 platters, as large as 5" across. the size of cd's.
Rather than that, i would say design the drive with three or four drive arms, and make it a 10 or 15K speed. similar or slightly larger disk size.
This would create a drive that would be faster than heck, and store a-lot too...but its not a normal drive and would have some standardisation issues.
I would imagine a drive with this speed could easily overcome the ata 133 standard, and have to be implimented with decond gen sata, or even dual sata ports....and have a very special driver.
its fun to think about, but nobody would put the money into the project to start producing them.