Should I keep both Projects and Events in same external drive?

I just updated to 10.1 lastnight and expected to see a few differences with the library system but prior to this version, I was always under the impression that it's better to keep events on one external drive and projects on another which would boost performance. That is how my system is currently setup.
After updating, I had one project being worked (which means one active event folder and one active project folder on both drives). The update modified my projects and events folders as expected, and now I have 2 libraries appearing in FCPX: "Hardrive 1: Updated Projects" and "Harddrive 2: Events".
Problem: The project that appears in the first library has an exclamation sign saying Proxy Files Missing so when I double click it to load into the timeline, the clips don't show.
Confusion: In that same first library that has the project, I also see a few clips from the event that it belongs to, so they all say proxy files missing. The Second Library that's on my Media drive (where I kept my events isolated from before) is showing all the clips that were there from before for that event as it should, so why are there also a fraction of clips inside the First Library where the Project file is? Are clips being duplicated in to where the Project files reside?
SIMPLIFIED QUESTION: Am I now supposed to keep both projects and events on the same single external drive and stop using two separate drives?
Thank you for reading and I appreciate any responses.
Reynaldo

I was always under the impression that it's better to keep events on one external drive and projects on another which would boost performance.
Unfortunately a surprising number of people have been doing this. It wasn't really any great benefit.
If you saved the original projects and events and the previous version of FCP, who should go back to it and sort out the projects and events. Use the application to move the projects to the drive that holds the corresponding events. Then update the projects and events in 10.1.
SIMPLIFIED QUESTION: Am I now supposed to keep both projects and events on the same single external drive and stop using two separate drives?
Absolutely.

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