The hard drive makes no difference. I'm currently testing with three different hard drives, one with XP 64bit, one with Windows 7 64bit and one with XP 32bit.
The drive with XP 32bit is old and slow and it's running Tekken 3 on a 32bit build of Mame faster than XP 64bit with a 64bit build
The only real impact the hard drive makes is the time the system takes to boot. It has no impact on Mame performance.