1/ That's correct, you can indeed daisy chain Firewire drives.
2/ You're right, there is an advantage from using firewire for the drive, and USB for the DAC (or vice versa, Firewire for the DAC and USB for the drive). The main theoretical advantage is that 1) USB audio is a real time streaming protocol, 2) USB ports on a computer typically share the same USB controller and bus, and hence separating the two guarantees that you 3) minimize contention on the USB bus.
That's a theoretical advantage -- whether it is a real and practical advantage is hard to say. For example, it is also true that many computers will have multiple USB controllers (each with their own interrupt request line), and so that sort of theoretical advantage may disappear.
3/ Another option is to upgrade the internal drive on your Mac Mini. That's what I'm doing. I'm having a 1TB SSD drive installed tomorrow, which should be plenty of space for a long time to come.
No extra cords, no extra power supplies, etc.
Wilson