Hi @icegreb, andd welcome!
Possible? Yes. Easily? Probably not so much since AFAIK the default Calamares installer won’t let you install on removable media for obvious reasons.
You’ll probably have to look into this:
Speed? Since USB, especially USB 1/2, is much slower that NVME I highly doubt it worth it. Better to get M2. SATA AFAIK.
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