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If I were you, I would partition the master harddisk and install the both OS in the same disk and then use the slave disk as a share resource like you mentioned. That way, when you try to reformatt your master disk for whatever reason, you can always keep you important data safe in the slave disk. One last thing, I would suggest you to format your newly purchased harddisk as a fat32 filesystem instead of NTFS since linux doesn't write to ntfs natively.
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