This is not a big issue, save one. Apple does not support this method as a permanent solution. However, you have a 2012 iMac. I have a 2012 Mac Mini. I used a 1 TB LaCie Rugged Thunderbolt HD to do this very thing through the Thunderbolt port. This worked great for a while. Personally speaking, I reverted back to my Primary Internal HD for OS X and the LaCie Thunderbolt as external storage. For reasons of Registration and so on. Internet Recovery, as well. I found no major difference in "booting speed" between the Internal or External HD. I upgraded RAM from 4 GB to the full 16 GB. and BAM!!
My Thunderbolt HD is partitioned as a Time Capsule(1st partition bootable) and Mac Storage(2nd partition). The choice is yours, of course.
Cheers!!