The external HD will shut down as the PC shuts down, and turns on with turning on the PC, so perhaps there is hope for the ability to have the Standby mode also shut off the external HD.
You
should be able to get the external HD to power down with Standby.
If you are a total green energy freak, and don't want to waste even a
few precious watts, then you may want to Hibernate.
I prefer Standby for quick wake-up, and as I mentioned, I have experienced the occasional system hang when resuming out of Hibernation.
It depends on the particular motherboard and power supply's power features, but if supported, all fans, including the one in the power supply, power down in Standby, as the minimum power draw required to keep the processor and memory alive shoudn't need any forced air cooling.
Steve