Only think I would add, is that you if you are doing a full backup every day and tran log backups every 3 hours, you could be looking at more than 3 hours outage if you lose the drive the tran log backups are on.
potentially you could lose all the tran log backups and have to restore from last nights backup. it might be overkill, but i would periodically copy some of your backups on to another drive and then at the end of the day if you want to, remove them from the other drive after the full backup has been done.
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