All the editing work is stored in the *****.aplibrary file.
THe most obvious way will be to keep it on the external drive. If you experience it is to slow with USB you could probably have a better performance with FW800. Probably not so much with FW400.
I have no experience with ***-aplibrary on external drive. Probably ist it to slowdown the editing.
The best way to edit on 2 different macs will need in my opinion some extra preparation.
Set both Aperture in exactly the same way pointing to referenced files on the external drive.
Keep the *****.aplibrary file on the HD of the mac you are using and at the end of your work copy it somewhere (may be on the same external HD where you keep the referenced masters). Before starting to work on the second mac copy this ****.aplibrary on it. You will need to do the same reversed to go back to the other mac.
This will probably give you the fastest editing but you will need time to copy the *****.aplibrary files, may be a lot of time. Even if you use a program like Tri-Backup to do the copy you will se that even if the *****-aplibrary has few changes it takes a lot of time to overwrite the older copy.
Keep projects and libraryes as small as possible, or you will waste more time coping it compared to the more speed in editing.
This is only my opinion, and I am not 100% sure of it. I'm giving it to you only as a suggestion you could try and see if it works for you.
Regards
Walter