Head seeking will always be necessary when moving between two files that aren't consecutive on the disk, whether they're on the same partition or not.
If you have a 50 GB partition for your OS and page file, the page file could be located anywhere within that 50 GB.
If you have a 10 GB partition for your page file and a 40 GB partition for the OS, the location of the page file is known more precisely and when data is needed, it should be found faster.
(Key word: should)
What's most important is that you keep the partition sizes for both page file and OS as small as possible. I have a 4 GB page partition on the outside of my disk, followed by a 20GB win7 partition.