As for workspace conventions, I would suggest the following:
1. Place them on a local (not network, cloud, or other remote) filesystem.
2. Keep all workspaces outside of the BridgePoint installation directory.
3. Do not nest a workspace inside another workspace.
4. Keep the path names “short” and avoid spaces within the path name. (There was a time when Windows had issues with long path names and path names containing spaces, but I think those problems have been resolved.)
5. Use a configuration management system (I’d suggest Git unless you have a strong preference for another one) and commit coherent change sets frequently so that you are always in a position to delete your workspaces and create and populate new ones from the repository. Consider workspaces as temporary and rely on your CM repo as the primary source for your models.