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MacInWin

 
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Member Since: Jul 07, 2008
Location: Winchester, VA
Posts: 2,893
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Mac Specs: 2011 MBP, 2008 iMac, iPhone 5S, iPad mini, 13" MBP and MacMini

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I have the same drive and I have done exactly what you are proposing to do. I've heard it said (here, in fact) that the backup drive should be twice as big as the drive it's backing up, so 1T should be plenty to backup your 500MB iMac. One thing to note: The TM backup will not be bootable, so if the internal drive dies, you'll need to replace it, then either boot from something (install discs?) or reinstall OSX and then restore everything else from the TM backup. As I said, TM backs up the OS, but isn't bootable. An alternative is Carbon Copy Cloner, which makes a clone of your HD, which is then bootable. You can script CCC to run when you want it, and it can archive what it is replacing if you choose to do so. CCC isn't free, TM is.
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