I don't yet have a solution for partitioning yet. I'd look at my 6100 but I odn't really have any big SCSI disks, or like a big aztekmonster/scsi2sd. To overcome that, you'll probably end up partitioning the disk in Mac OS 8.6 or 9.0 and then coming back in with a 7.6.1 install CD (which should recognize both) and installing the OS onto your 4-gig disk.
I also recommend a simpler approach. Boot drive ("Macintosh HD") up to 4GB (in reality there's no strict limit on this, it just has to be less than 2TB) and Data/Images drive ("Images" perhaps?) with diskcopy images, each up to about 4 gigs.
More thoughts about System 8.0/8.1:
It can be installed on a 68k Mac, in fact I've just recently set up my 840av and that's, you know, the fastest stock 68k Mac, with 24 megs of RAM (not that impressive but more than some) and to be honest, the impression I always got back in the day was that it was a lot slower with 8.1 on it than 7.1. I never favored 7.6 early on (while I had a "real" AppleShare IP server that also hosted AFP-over-AppleTalk) and 7.1 with 24 megs of RAM leaves a lot of room for various applications which is, of course, what I was doing on the system.
It may actually be worth just trying out each different system, and, hokey as this sounds, determining which one meets your needs best.
What was the reasoning behind the big-fast-hot-disk? Is it just "this was cheap and I needed something" or were you actualy planning on having a whole bunch of user data on the machine?
The fastest OS on that machine will definitely be the version of 7.1 that came with it, without a bunch of stuff added on. If your focus is "run premiere as fast as you can" then 7.1 is probably where you want to be. You'll be dealing with "wasting" most of the disk, or findng a different storage media (scsi2sd perhaps?) but that's where you're going to get the most speed and the least overhead.