File Management / Optimized & Transcoded Media

What is the best way to manage your libraries/media for optimal performance.
Currently I save Library to default, and save Media & Cache to my external hd.

I also always click the options for optimized media and transcoded...Is there a better way to do this?

Libraries, Meda folder, Cache folder, should all be on the external drive. If you don't have a workflow specific reason to keep media and cache external to the Library, then don't.

When you optimize, you're creating ProRes copies and eating up more drive space. What is your specific need to do this? Most native codecs run just fine in FCPX.

To give an informed answer, would need to know your system and drive specs.