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What advantages are there going from OS 8.1 to OS 7.6.1?
Stick to 4GB partitions max before HFS+ to minimize the effects of partially used blocks. In your case, I'd probably create a 1GB system partition (for apps and system folder) and two 1.5GB data partitions. That might not be the best solution -- it depends on how the SCSI Manager (in ROM in your case) interprets the geometry of your disk.