is this a good idea? (RAID)

A RAID is a good idea but it does not spare you a backup.

Mirroring means RAID Level 1. You write a little slower (technically, you don't feel it) and you read a little faster (you may feel that or not). If one disk goes down, you can continue to work with the remaining disk. Then you replace the broken disk and hope that the RAID driver puts it online and let it mirror again. Normally this works but not always without user- or admin interaction. Depends on the type of RAID (software, hardware, operating system).
 
It will be on an 800 port that's been bumped down to 400 from a daisy'd interface, so will the slower writing at 400 be an issue?

Why do you still need to do backups if you have the mirrored drive?
 
It will be on an 800 port that's been bumped down to 400 from a daisy'd interface, so will the slower writing at 400 be an issue?
No. The reduced writing speed of RAID 1 is atomic. You will never feel it. This was just a technical information.

Why do you still need to do backups if you have the mirrored drive?
1) If your computer has a problem, both drives can fail at once.

2) The mirroring function writes corrupted data to both drives. For example, if you had a good Logic project yesterday and a corrupted project today, the project is lost because now you have the same thing on both drives.

You should add an additional drive with about 1 TB for Time Machine. Internal, external, USB, Firewire, what ever. If you have a couple of Firewire devices you may better go for USB.
 
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