I am about to install Lion onto a new SSD drive. I would like to keep some apps and some data on a separate drive. Can I simply create an alias for the entire user folder and store the contents wherever I want?
Not really. This for entire user folder:
http://www.tuaw.com/2009/05/14/tuaw-tip-moving-your-home-folder-to-another-disk-or-moving-it/
With the caveat that you should keep the ~/Library folder and ALL apps on your boot drive and just symlink the other folders for best performance:
ln -s /Original/path /the/new/location
Alias have been known to fail in some apps.