Morning. Apologize for the delay...some hectic days I'm amidst.
Lets sort of start over here....as I'm seeing some mixed data...software RAID, and potentially hardware RAID.
What is the make/model of the server?
And for the hard drive setup...you mention dual Xeon and RAID..so I'm thinking there's hardware RAID in there. So there's 4x SCSI drives...how are they setup? Is there any hardware RAID controller making a pair of mirrors?
With SBS...you want 2x spindles available to the OS..meaning 2x RAID volumes. The first one can be smaller...20, 40, 80 gigs...for the "C" drive..to install the OS to. The second volume I usually make much larger..and that's for the data..and for the Exchange InfoStore, as well as other SBS related stuff....WSUS, Sharepoint, Users Shared Folders, CompanyShare, and if running SQL...that too (although I'll often do a 3rd volume for SQL)
So with my typical SBS installs (SBS is my bread and butter as an SMB consultant..I use it for most of my clients)....I'll do a RAID 1 for the OS, and a RAID 5 or RAID 10 for the data.
Now...lets back peddle a bit...and if you could please reply with more specifics of your current server setup. CPU(s), RAM, and...you mention 4x SCSI drives. Any hardware RAID being done to present volumes to the OS? Or does the OS see 4x raw drives..and you're using software RAID to make 2 pairs?
Next...using My Computer...how much space total..and how much space consumed..of say, the C and D drives?
Next..how many users total, as far as SBS clients/CALs? I see you mention 4x local web users..and then I see you mention 15-20 e-mail users? Are these remote e-mail users? Using OWA or Outlook Anywhere?
I see you mention MS Proxy..that's the old name of that product, with SBS they used the newer version, ISA. So is this SBS Premium which includes ISA Server? Meaning your SBS box would be multi homed...(2x NICs).
I'm hesitant ....actually, I'm reluctant..to say stop using RAID. There can be quite a few options we have for freeing up disk space. Exchange store being too large...how so? She'll start spitting errors when the store reaches 16 gigs...but with proper service packs and a few regedits...Exchange supports much large stores now.
I'm sporadic in being online this weekend...we're furniture shopping for some moving ahead of us...sold house, purchased new one....plus it's boating season so getting the boat ready.

And busy next week doing a large WAN cutover for a womens shelter client of mine....but I'll be on and offline, and willing/wanting to help, if you're not in a rush to get this done. I'll offer to help remotely on your server if you'd like.