I vote for twin iMacs too but consider another factor: user accounts
Where will the user files (project, capture, exports) be saved. If the
answer is a centralized server then you have no problem but if you only
have the space between the two machines then adding nodes will be
troublesome. I am also studying video editing in my school and multiple
save locations are only a headache (especially with the wintels we got)
and think of a couple hundred students saving their files wherever they
damn please inside the two internal disks and the external ones (lets
assume total 1.5TB).
Having some kind of unification of the externals (RAID or something)
and making the internals almost read-only will solve most of the
problems. Using accounts for keeping track of perimissions is a must.
If possible get a MacMini (even the G4 will be fine) to handle user
accounts and act like a server (server tiger installed).
With the MacMini present, adding new machines will be easy and not
break consistency.
Another easy option for permission handling is a
week-old-files-get-deleted policy to keep things tidy, which will work
even if there is only two accounts present: admin and student
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