maybe I'm missing somethin, but why not move the media server and libraries to the machine with all the storage?
if you put the storage on one machine and the media server + libraries on on another, you will be fighting the network to the media server, then to disk disk storage and then again when you duplicate to tape. If you set it up so that the media server has locally attached disk space, then you are only fighting the network once. Everything else is all local.