You can download the Compatible Peripherals guide for Media 100 HD in the Media 100 website and check it.
From a technical point of view you can do it. We have a Cinewave station with HD connected to a XServe RAID with 4x250GB and 512+512 MB Cache and works perfectly. It is necessary to have 512 MB cache for each fibre controller, but the latest Apple Xserves RAID have installed on it.
Of course, the 10x400GB is most recommended config.