This is an intriguing thought which leads me to think about a similar solution for even a production server and that's a solid state drive for just the WAL. What's the max disk space the WAL would ever take up? There's quite a few 512MB/1GB/2GB solid state drives available now in the ~$200-$500 range and if you never hit those limits...
Maximum number of WAL segments at any time in 2*(number of checkpoint segments)+1 IIRC.
So if you have 3 checkpoint segments, you can not have more than 7 WAL segments at any time. Give or take 1.
Correct me if I am wrong..
Shridhar
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