I had one of those installed in my tower. As it happens, I was able to run it without the external power supply by simply powering the drive from the PSU.
It worked fine with CacheCDFS, though the mechanism itself could be fussy with various media (replaced it with a decent Sony one from back in the day and that worked a treat). However, the interface is more resource hungry than even the regular IDE.
I swapped it out long ago for a network adapter and never looked back
