Virtual Memory and Paging File Size

Hello,

I have currently changed the Automatic Paging size for RAM in Windows 8.1 to Custom size as in the picture since I have been getting low memory errors while running certain applications and games so I read this guide from Microsoft site.

My question is that the set custom paging file size is on drive (C:) where WIndows is installed, can I make "No Paging File" for that Drive and set the custom paging file on the other drive instead?

Because this space on C: taken by the Virtual Memory paging file concerns me a lot.

Thanks in advance.