a few things to keep in mind:
- you will be limited to 4 gb of saved data, as your drive will be formatted in fat32 (im assuming you still want to be able to use the drive to store file in windows)
- unless you run the installer, nothing touches the hard drive... the whole opperating system is ran from the flash drive.
- you can still 'mount' your hard drive and use the files on the computer.