Two editors on two edit systems sharing the same footage, suggestions?

So I just got done shooting my first feature and now I've got to come up with a plan for editing.
Here's what I got:
1 Core 2 Duo iMac with FW800 FCS2
1 Core Duo iMac with FW400 FCS2
~40hrs of DV25 footage
$800 dollars to spend on a storage solution
The Core 2 Duo iMac will be the primary system for the final edits, color correction, ect. and the other iMac will be used for rough cuts, capturing a/v, exporting, etc.
For the most part only one system will be editing at once, but I'd like both systems to have simultaneous access to the footage for the days when we need to hustle.
Originally my plan was to get a 1TB G-RAID2 (or something similar) and run firewire to both systems but from what I've heard, that's a bad idea. Maybe I could link it to one computer and have one system edit over a network?
I'm starting to think the only real solution is to give both systems their own drive, but it seems like a waste since we're using roughly 500GB of the same stuff. My "dual edting" idea is starting to seem like more of a pain than a benefit.
Thanks in advance for any help, and please let me know if you have a better idea for our post production setup overall.

With that much money, you only have two solutions.
1) Get two drives...put the same footage on both, keeping the exact same file structure. Name both drives the same name so that when you swap projects you don't need to reconnect. Render files you will have to re-create...by rendering. Any new footage you capture onto one will have to be copied onto the other.
2) Connect one drive to one iMac, connect both iMacs via Ethernet, then enable file sharing and include that drive. This, however, is very unreliable.
Shared Storage solutions costs thousands to tens of thousands of dollars.
Shane

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