No it'll be fine on a large hard drive.
As Linux doesn't fragment very much it doesn't have to go scouring all around the disk to retrieve the data its looking for (not like some other OS's)
The 500GB drive this version of PCLInuxOS is installed on is setup as:
/ = 50GB
/home = 50GB
swap = 10GB
and I've split the remainder of the drive in 2.
BUT you'll get LOTS more advice on how to do it