To add to my above post....
Maybe someone can steer me in the right direction:
I am still trying to find out a good way to have two separate wallets in Ubuntu, the idea being that a TrueCrypt hidden partition (inner and outer volumes) would have a different wallet in each.
Ideally I'd have the entire wallet in the TC volume and not on the Ubuntu system. Clearly I am still learning with Linux and Bitcoin... Any tips appreciated!
If you go this route, just make sure when you open Bitcoin use the -datadir option and point it to your mounted Truecrypt volume otherwise the data will go in .bitcoin folder.