Streaming/accessing projects from an External is not the most efficient way to manage your projects.
If you're using a desktop, there's no reason at all not to install separate internal hard drives so that you have disc 1 for your OS & Progs, disc 2 for your Cakewalk projects & disc 3 for any massive sample libraries, such as BFD or EWQLSO
Use external(s) for backup purposes.