Option 3- External Adobe Photoshop Lightroom Catalog Storage and External Photo Storage
Adobe Photoshop Lightroom users need to ask themselves “where should I store my images” and “where should I store my Lightroom Catalog” because data storage is not a “one-size fits all” problem. There is no universal solution. Every professional photographer has different needs and different equipment.
For more information on the Adobe Photoshop Lightroom Catalog see http://thelightroomlab.com/2010/06/getting-started-right-adobe-photoshop-lightroom-3-setup-and-catalog-creation/