I used to get into the whole pagefile optimization thing, but truthfully, never noticed much difference no matter what I did. So, now I just let Windows determine the best settings and let it be. Sure, there will be those who will argue for a set size to avoid fragmentation, and I don't have a problem with that. But, my experience is let XP decide, and do regular defrags.
Hard drives are so large now that pagefile size shouldn't be a determining factor when considering efficiency and what to cut down.