Well usually my projects are quite a bit smaller, less than half that size.
Deployment of the OS/App should be based on the "high water mark". 'Sometimes it will fit well' has problems because sometimes your OS/Apps volume is going to spike also (e.g., caches , logs , temporary growth during installs , etc. ). Because there are two distinct collections of data here that flucuate significantly in size to approximately the same size as the device's limits it is more prudent to separate them. That way the independent size fluctuations are relative to different fixed size boundaries.
Additionally, with Lion and Mountain Lion the "OS Disk" is become a two partition entity. While not a size issue, the SSD is more flexible as a "working space" Volume for future larger workloads if leave it as a single partition.
You could get around given the OS/Apps and "Working space" separate fixed boundaries by partitioning the SSD into two ( well three if using Lion/Mountain Lion) partitions. If puttng a lower cap on 'working space" by craving out a smaller than disk size partition feels uneasy then probably better to leave the OS decoupled.
The 120GB OWC drive would be the more appropriate size for an OS/Apps drive. It is a bit of overkill for that primary purpose though, but in a Mac Pro it does free up the four drive sleds and their SATA controller just for "bulk" data streaming (e.g., larger HDDs in some sort of RAID, or volume segmented data, configuration to maximize throughput/$ ). So substantially, as much to augment the fixed SATA controller than to just put the OS/Aps on SSD.
Moving the "working space" drive to the PCI-e card has that same "augment the SATA controller" impact (i.e., getting another, newer SATA controller "for free" with the PCI-e card). The OS/Apps on a 3Gbps SATA controller isn't a big deal. One 3Gbps SSD and 2-3 HDDs should be OK.