LP> Am wondering if I can make a logical partition just for the swap
 LP> file(s) & point the swap setup to it.

Yes you can.  The swapfile can reside on any local (i.e. non-network) volume
accessible within OS/2.

But you probably shouldn't.  The rule for placement of the swapfile is:

        Your swapfile should reside on the *most* used partition on the 
        *least* used disc unit attached to the *least* used channel (or
        least used bus attached to the least used host adapter if SCSI).

The rationale for the rule is complex, and I won't go into it in this message, 
but the important thing is that if one has only the one hard disc drive, this
rule degenerates to:

        Your swapfile should reside on the *most* used partition.

In general, this will be your working data partition.

"Use", by the way, means "volume of reads and writes during normal operation"
in this context, not "amount of space occupied by files".

 ¯ JdeBP ®

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