This is a great idea and something you should always do. I always create separate partitions for data and the swap file - a separate drive is even better. Partition your second drive into two parts - a small 4GB partition for the swap file and the remainder for data. It’s not a bad idea to also create a temp file partition. Using separate partitions reduces fragementation and makes it easier to reinstall the operating system.

To change the location of the My Documents folder simply right-click on it and point it to the new drive. Change the location of the swap and temp files in the System properties control panel.

On the other hand, it’s not practical to create a separate programs directory. I agree it’s desirable, but many programs don’t like this. And you’ll have to reinstall them if you reinstall Windows anyway.