If terrence270 tries to use the home made Fusion drive a TimeMachine backup will be vital and since I'm a belt and suspenders kinda guy I'd use CCC as well. I love having a clone. Among other reasons, if my drive dies I can get back to work immediately after rebooting. With just TimeMachine I'll have to wait for the backup to restore.
If he decides to run the entire computer from an external (I'm actually doing that with a mini that has a rotational drive) he won't notice much of a speed difference at all. (I should have mentioned this in my original reply.) A second external for backing up is highly suggested. Fact is, at home I use two TimeMachine external drives and one clone external. One TM backup is always at work so one TM drive gets 1 week behind but is away from the house. I use a similar system at work.