I'm not sure what you mean by "Win Me supported Lite-On model".  Win Me
will recognise virtually all optical drives without additional drivers
that connect to either an IDE or scsi controller.  The exceptions being
some older models from the early 90s that require proprietary controllers
and hence drivers, and newer models that connect to a SATA controller.

What however is more important is whether the CD mastering software you
intend using supports the model CD writer you intend installing however
updated drivers from the manufacturer's website will normally solve any
problem,  The software manufacturer's web site should also hopefully give
details of the optical drives that they support.

Turning to the hard disk.  The problem here, if there is a problem, is
that as CD (and DVD) writers have got faster, faster hard disks are
required to write at full speed.  If the hard disk can't keep up the usual
answer is to write CDs at a slower speed.  Most CD mastering software
comes with software that can be used to determine the maximum write speeds
that can be supported by specific hard drive partitions.

I would not expect you to have any problems using the Lite-On drive you
mention with the Seagate ST320413A hard disk as it should easily be able
to keep up with the demands of the writer.  Note though that there can be
other road blocks between the hard disk and the CD writer and you may find
that other areas of your system will force you to reduce write speeds.