is there any reason this wouldn't work or is a bad idea? in bios make the HD1 the default boot drive and installing ubuntu, and HD2 installing windows 7. Then if i prefer to boot into windows i just go into my bios and change the boot order to start with drive 2? I would rather not install both OS's on same drive or use vmware.
You can set up GRUB to boot into the Windows OS. Just install Windows 7 first on your first disk, install Ubuntu on the second and configure the BIOS to boot the second disk. The installer will take care of detecting your Win7 disk.