Would it also be more efficient if I partitioned the hard drive to create a separate partition just for the audio files?
Nope. Here's the deal: the slowest activity that a disk drive performs is called a seek, meaning the action of physically positioning the head over the desired track in preparation for reading and writing data.
Compared to reading and writing data, seeking happens on a glacial timeframe. Minimizing seek times is therefore the single most important technique for speeding up disk drives. That's why you defrag a disk, so that pieces of large files are physically near one another, thereby reducing seek times.
Once the head makes it to the track, data can be sucked off the disk quite rapidly. But once the track's been read (or written), then the head needs to seek again to the next file fragment and everything slows to a crawl again.
Because drives have multiple heads, it can read more than one track before it has to move the heads again. So when data is written, all the heads are used sequentially. A group of tracks that can be read or written from the same head position is called a cylinder (from back when you had one head per platter surface, so that a vertical set of tracks formed a cylinder). The larger the cylinder, the more data that can be moved between seeks.
When you partition a drive, you're making smaller cylinders. Partitioning makes sense only for higher-level data organization and not for efficiency, which actually suffers. For maximum speed, you should always make the entire drive one partition.
Whenever a program must access multiple files concurrently, it has to do a lot of seeking as it furiously bounces from one file's physical location to another's. But if those files are separated onto different drives, each having its own set of read-write heads, one drive can be seeking while another is reading or writing data. Fewer seeks, faster performance.
Bottom line: use multiple physical drives, each formatted into a single partition.