I am wondering if this is even possible because I would like the speed of 4 drives on RAID 0 with the mirroring of RAID1 without needing 8 drives. I was also looking into RAID 5 but I would be much more comfortable with a 5th drive with everything on it that I can jump to when I need to change my RAID configuration. In short I want 2 HDDs; 1) The first to be 4 x 250GB HDDs tied together on a RAID 0 configuration, 2) and the second too be a 1TB HDD that is an exact copy of the Logical Drive. Anyone know of a concise way of doing that? I understand it all sounds very convoluted, that is why I am posting on forums for advice on how to do this, or a better way of doing it.
What you wan't isn't possible. You can't have RAID 0+1 with "the speed of 4 drives" without having 8. That is just the definition of the way 0+1 works. Since mirroring writes to the same drive at the same time, you'll be limited by the single drive (I have never tried this, but I am sure you could stripe the 4 drives into a volume and then mirror the stripped volume with a single drive... but again, I don't see the point).
Once configured, there is zero reason to "change" the RAID config. That is asking for trouble. Set it up and leave it alone.
Further, I don't see the point of what you are trying to accomplish. What is your real goal?