But MORE RAM would be your answer if you're looking for better performance. Depending on how your external drive is connected to your PC, you could be potentially slowing your self down even more.
Whoops, that was a shoddy cut & paste on my part (googling & working hahaha)
Found this at Adobe Support: To specify a scratch disk in After Effects, choose After Effects > Preferences > Memory & Cache. Took all of 20 seconds on Adobe.com.
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