actually the speed increase in the processes involving the swapfile usage is really noticeable having it allocated to another disk in another IDE interface. thats because these processes would happen at the same time you have the OS doing other things, in the other disk (interface).
in the situations the OS cant perform two tasks at the same time due to the limitation of the IDE controllers, one being a swapfile related task; to have the swapfile allocated to a disk in the other interface would allow it to perform both tasks, at the same time.