This assumes that for conversion (or your download manager), the bottleneck is hard drive speed. I don't think that's the case in either program, so I'd be really surprised if it worked on your download manager. As for Calibre, I know it makes no discernible difference, as I have that exact setup (by coincidence) on one of my computers.
Edit to add: If the issue was the hard drive speed, you'd be way better off installing the library and temporary files on a RAID than using a second hard disk.
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