Store pagefile on separate disk

I suppose this is more of a general Windows question than specific to Workstation, but have a question regarding the Windows pagefile.

We have a "master" Workstation Windows image that we pass out to our team on a regular basis and consists of a single virtual disk (C:\). To decrease the size of the image, I was wondering what the repercussions (if any) of the following scenario would be:

1. On the "master" image, create a second virtual disk (D:)
2. Move the Windows pagefile to D: and then shrink the C: disk (we'll be able to gain 8GB that's currently being used by the pagefile)
3. Pass out one more "full" copy of the VM image, which now includes 2 virtual disks
4. For all future updates, only transfer the "C:" virtual disk to the team

So essentially when step 4 happens, Windows is going to boot up and "see" a pagefile that it wasn't using before. Anyone see an issue with this? Does this make sense?

Thanks!!