Page file and how pages are written on exchange server 2003?

We have a exchange server that is setup as follows.  The  os and page file on c drive which is mirrored.  the Database on raid 5 drives and the log files on a mirrored drive.  I am seeing some performance issues with the paging file that does not seem related to memory and am wondering if it is the disk drives.   I would like to move the page file to  another drive and am thinking of moving it to the log file drive.  Would this be ok? I have no more  hard drives or I would put it on its own drive.  Stupid question..Does the paging file write sequentially or randomly? I obviously would like to put it on a drive the read writes the same.  Thanks in advance for your help.