Backing up/restoring multiple drives with Time Machine

Got my tax return and am finally moving on from my 2006 Mac Pro to a newer 2010 model Im waiting to arrive (Logic X here we come finally!!). Im currently using a 500GB WD Passport drive as a Time Machine backup for both my 250GB system drive, as well as a 300GB drive I keep my Logic 9 projects on. I also have a third 1TB black WD I use for storage and whatnot that is NOT backed up with TM. The new Mac has a 1TB system drive in it so I have to buy a new backup drive and am going to get a 3TB WD My Book to cover Time Machine duties, and I figured I might as well start backing up all 3 drives with it just to be safe. Ive lost that storage volume a couple times before over the years and the last time was pretty catastrophic as one of the things I store on there are my Sound Diver libraries for my hardware synthesizers in my studio as well as my sample collection. Luckily the new Mac still has Lion on it for whatever reason, so Im fairly confident Ill have no problem moving my apps and account over to the new one with Migration Assistant. But Im wondering now, once I do move to the new Mac and start backing up all three drives, when you do a Time Machine restore, does it allow you to choose between the volumes you have backed up and the location to restore them too?? Ive never had to do a restore or anything up to this point so I wasnt sure if for example, when I do have to do one, if its going to put the full blown 3 drive backup onto one drive or will it let me for example, choose just the backed up Audio volume and restore to the hard drive I actually keep those on..

I havent bought the My Book yet because I wanted to make sure I could do this with just the one big external drive or if I should get 3 external cases and go with three backup drives, one to use with Time Machine for the system drive, and two to use with a third party backup app for the Audio and Storage volumes.. Obviously the three drive+cases route will cost a bit more (I cant believe how cheap the single 3TB drive is now, its been awhile since I bought a new HDD), and Im eyeing a couple pieces of gear for my studio Id rather spend the money on instead if I can..