I would put about 512MB of swap on there. There used to be a rule of thumb that you should have 2x more swap then you have memory. That really isn't followed anymore. Even still, I think 512MB would be a good amount because you don't have a huge amount of RAM on the system and you have plenty of disk space.
As far as number of partitions, you will need your swap partition, but other then that it is a matter of personal preference. It used to be, because of boot loader restrictions, I always had a small /boot a the beginning of the disk, and then a /, /usr, /home, and /var. But these days because I don't feel like dealing with partitions that fill up and having to move data around, and because there is no cylinder restrictions on boot loaders, I just go with one giant / and then one giant /home. There is really no good reason why I do it that way, just a matter of preference.
I guess if I were dividing up that drive I would do it like this:
512MB - Linux Swap
20 GB - Reiserfs /
50.5GB - Reiserfs /home
I also always put databases in /home/db and websites in /home/http which is why I have the majority of my space allocated to /home. If you use the /var for your databases and websites you might want to adjust those numbers. I really only put OS files and programs on / and I have found 20GB is always more then enough for those.