Generally you want your page file to be on the faster hard drive. However, if you run programs that move lots of data (e.g. video editing) you wouldn't want a page file on that data drive.
It's unlikely that you actually need or want 1.5GB of paging space. 750M on one drive should be more than enough. If you're really worried about running out of system memory, you could set a page file on the other drive with only the minimum size allowable and 750M for the max... or just buy more RAM.
(And for reference, this is more of a question for the Storage section.)