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Hi Tim,
i think that would be a perfect plan but with the third party applications reinstalling them should normally work or if its no good than i would suggest wait for the vendor to release the new drivers. that would be your last option untill or unless u end up buying the brand new version in stores which would be compatile with the new OS.
usually the problems would be
* application quits unexpectedly
* some functions like print and copy would not work
* if multimedia apps., those may not detect external devices
i would not recommend booting from external HD as that would cause issues to u r installed OS. the firewire drive would be slow compared to the performance of ur internal SATA HD since ur using Adobe suites and Melodyne sw.
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