Well, typically moving the swap file to a different partition in OS X provides very little in speed.  In my opinion (and experience) useless.  If you can get it moved to a different drive or the CF card, then is should improve speed enough to where it was worth it.
MacBook 2GHz Intel Core 2 Duo w/ 2GB DDR2 RAM & 120GB SATA 5400RPM HDD
Canon Rebel XTI
Google Cr-48 Beta Laptop