f you create a separate partition on your drive, and stick the PF over there (set c: to 0 mb, and partition to #mb), it wont get fragmented, and you can forget about the 3rd party apps and whatnot.
All this would is is increase the average seeking distance, thus hurting performance in the end. For optimal performance the pagefile should be set to the
most-used partition and on the
last-used drive. If you only have one drive, leave it with applications an the OS, don't seperate it. There's also no point in setting a static size page file. Windows only resizes the pagefile if it needs to, so if the initial is set high enough, fragmentation won't be an issue. I'd definitely rather leave that "safety net" there and allow it to resize when it needs to. Also, with a dynamically sized pagefile, if more is needed, it is added somewhere else on the disk, and upon reboot will go back to its initial non-fragmented self. Thus, the pagefile does not get fragmented anyway.
I suggest just leaving the pagefile system managed (and no, a large pagefile won't hurt you), or if you really want to, monitor your PF usage using the "%usage" counter in perfmon and use that as to determine the optimal size for your pagefile. Just run your most intensive applications for a while and see how much of the PF is actually getting used. Then set the initial size to 4x that number. Then the max should be set to at least 2x the initial size. This insures the initial size is large enough to where it doesn't fragment, but still leaves that "safety net." So you get the best of both worlds.
Not that all this fragmentation talk really matters though. The only way a fragmented pagefile would really effect performance were if it fragmented files around it that are read in a sequential fashion. The pagefile itself is not read in such a fashion. In fact, Windows doesn't write more than 64K per buffer to the pagefile at a time anyway (pages are 4K, but Windows writes them out in "chunks" of 64K at a time). Also, very rarely are they even in 64K chunks. The majority of the time paging to the pagefile is inturputed by paging to many other files on disk. So even if the pagefile is one large contigious chunk, it doesn't even matter. The head is hopping all over the place anyway.