Media on External HDD and Proxy External SSD?

Starting my first editing project solely on my laptop and I have a quick question before I get rolling. I purchased two external drives, a 500GB Samsung T5 SSD and a 4TB HDD. I'm planning on storing all my media (some 4K) on the inexpensive 4TB external HDD and editing off the proxy files on the SSD. Will this work? When it comes time to export the final product, does the lack of transfer speed of the HDD pose an issue?

Drive speed can impact encoding speed, but very little. CPU & GPU are the significant factors. I’ve seen same duration projects exported on different Macs at a couple different TV stations, and I e yet to see drive speed make any noticeable difference for encoding in real world production work.

Proxies live in the Library, so you could place you Library on the SSD drive and keep original media in place on the larger drive.

Thanks, that's the answer I was hoping for.