How good of an idea would portable (usb) storage be?
Depends how good of a carrying case you'll have for all of this

We use internal HDDs in cases to store media, but we dont travel with them. You'd have to find a good lightweight drive. Seagate or Mybook seem to stand out in memory.
I highly doubt you'll ever amass the likes of 40gb in just imagery files, so you dont have to go for an uber expensive huge capacity drive. You'll always have what's in the laptop or desktop as backup!
Seagate FreeAgent
http://www.newegg.com/Product/Product.aspx?Item=N82E16822148257Western Digital MyBook (they dont have anything less than 160gb, but the price is similar)
http://www.newegg.com/Product/Product.aspx?Item=N82E16822136173Western Digital Passport
http://www.newegg.com/Product/Product.aspx?Item=N82E16822136059Now, for desktop usb storage, the mybook and freeagent are very popular choices, but you'll probably want something dinky...perhaps the size of a passport?!
The passport is also the cheapest for the amount of storage you get. I think its something worth looking into.
Unless you're after just a handful of gigs, then a 4gb thumb drive will be a cheaper, better option! Plus, they hang on your keyring, easy storage for....easy storage.