I agree with your approach with the RND4425.
Setting up the NAS you must decide about permissions and user set up so there are a few more setup details but you have the gist.
Bert's comment about NAS not running exchange raises a valid concern - if you want to run other services than simply a file share (exchange is just one of many possibilities), then you should buy a dedicated server instead as it will have more capabilities. The increased setup is a consideration though for many solo, non-tech practices. A simple NAS out of box can be very easy to setup and administer in comparison.
Thanks for all your thoughts. My brother in law (who lives a long way from me) has alot of experience with networks. He likes the idea of the redundancy one would expect from a server set up with an NAS. Here is what he said:
Basically,
1) you set up the NAS (get the RND4425 $877 from Amazon and set it up with RAID5 and an online spare... resulting in 500GB of redundant shared network space for the software and anything else)
2) you set up the first client (allow it to install to c:\...)
3) you move the data from the first client to the NAS (new drive letter)
4) you reconfigure or reinstall the software on that first client to point to the NAS share (using new drive letter)
5) you install the software on the other clients and point to the NAS (using new drive letter)
How does this sound oh omniscient ones?