Assuming you've bought the Hitachi or better drive by now. Might I suggest that a whole terabyte for a SD backup is simply wasteful.
Remember, it will only be backing up one copy of whatever you've told it to copy. Even if that's the entire drive's worth of data and files, it will probably never be within 20% of the terabyte available for many, many years. Of course, if you decide to become a video producer, all bets are off!
What I suggest is that you create a small, bootable, Mountain Lion partition of ~200GB. In addition to the OS, you could include any maintenance apps (DiskWarrior, TechTool Pro, Cocktail, OnyX, etc., etc.). You can then easily boot into a much smaller System for some quick repairs of your internal drive.
Of course, the second terabyte drive can easily be totally consumed by Time Machine.