I would suggest if 160gb total capacity will cover your needs (plenty of space for OS, Applications and source code, just depends on what else you plan to put on it), then you should mirror the drives in a RAID 1 unless you will have a server that data is backed up to, an external hard drive, an online backup solution, or some other means of keeping a copy of data on more then one physical drive.
If you need to use all of the drive capacity, I would suggest using the first drive for OS and Applications and second drive for data. Purely for the fact of, if you change computers at some point, the OS on the first drive doesn't do you much good and most Applications would have to be reinstalled, but you could take the entire data drive with you.
As for dividing off the OS, a big downfall of this is not giving the partition enough space and eventually you may need to use partitioning software to steal some space from the other partition on the drive. It never seems to fail that you allocate a certain amount of space for the OS partition, right after install you have several gigs free space so you think you are fine, but as time goes by, things build up on that partition and you run out of space.
With that in mind, I still typically do use an OS partition as it is useful when reloading a system, you can format that partition blowing away the OS but keep the rest of your data. Ways to keep the space build up from happening too fast is change the location of your my documents folder, change environment variables for items such as temp and tmp. However, there are some things that just refuse to put their data anywhere besides on the system partition. I used to use 10gb, these days I go for 20gb.
Dividing your swap space can be useful for keeping drive fragmentation down when letting your swap file grow and shrink as needed. Again this is an issue though of guessing how much swap you need. This will depend a lot on the amount of memory you have and how much stuff you will be running at one time.