However, more important than available capacity for processing video files is the need for contiguous space for swap files …
As I mentioned, this is not an issue with current & recent versions of OS X. The gory details are explained in
Kernel Programming Guide: Memory and Virtual Memory,
Memory Usage Performance Guidelines: About the Virtual Memory System, & related references but basically, VM swap files are mapped into small 4 KB page segments all of which do not have to be contiguous, although this typically improves performance. Swap files are also small, starting at 64KB each, which helps them fit into available spaces on the startup drive.
Without sufficient space for growing the Extents Overflow file you end up with extents with existing data being over-written, directory corruption, file corruption and possible data loss.
I've heard this mentioned as an explanation of why directory or file corruption might occur, but frankly, it is extremely unlikely in recent versions of OS X unless the volume is already
extremely full &
extremely fragmented. The gory details of why this is so are explained
here, but basically it is because the entire "Metadata Zone" takes precedence over ordinary files, so there is almost always enough room in it for the Extents Overflow & all other related HFS+ file system "housekeeping" file additions for any new files you can fit onto the drive.