kgriffin... I'm not harshin' on your theory, but in practicality, anything that makes a good vibration isolator does not make a good shock isolator. The two just don't mix, as they way they respond to forces is completely different. After a couple of years of actual vibration testing and analysis at one of my previous jobs, this is a hard and fast rule.
Again, just from my own personal experience ( and not with ace bandages

), your idea appears to present a more decoupled system, which would seem to be better suited towards isolating a system from a vibration rather than shock. Shock isolators are typically coupled to a component via a compressible object, such a pad or some type of damper.
All I'm really saying is that a more conventional method of isolating a component from shock is with a compressible material rather than suspension. Perhaps in this particular case with the hard drive, the suspension may work to eliminate the skipping problem, or it could possibly go the other way and cause premature failure of the hard drive due to a head crash against the platters if the hard drive is able to move in any direction up to an inch. The only way to know for sure would be to test it, but to stay on the safe side (and if it were my hard drive), I would opt for a foam pad.