How do I minimize the amount of disk space project files take up on my internal HD?

Does anyone know the best way to keep as much of the video footage I import on an external drive instead of my internal hard drive/ FCP "events" folder?  My external HD has a lot of space  (Western Digi Firewire 1.5TB), but my laptop has a tiny HD (100GB).  I noticed that while editing a short video that is about 12 minutes, my FCP "movies" folder has swollen up to about 15 GB worth of space. 
Are there settings available to prevent this? 
Is this because the "create optimized media" and "create proxy media" preference are checked?
I noticed in a tutorial video (lynda) that the narrator was able to import video files (.m4v) from a separate scratch disk and "Save to" a separate drive.  When I choose this option, it only allows me to save to my internal hard drive.
If this question is answered in another post, please indicate link.
Thanks!

Fairly obviously, I'm not a fan of the new arrangement.
It eats up space on small screens, can't be relocated to a second screen to keep the main screen just for the document and the supposed contextualism fails to materialise when you need it most.
You can hide the Format sidebar in the View menu, but there is no keyboard shortcut as there was for the Inspectors in Pages '09.
I remain as mystified as ever by the fans of the new arrangement.
Peter

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