You could get the first generation Seagate Cheetah X15, the transfer rate is 29-41MB/s, a nice and fast HDD, my current bootdrive. You could hook it up on the 68-pin UW channel using an UW-cable with an active terminator, the Cheetah X15 will automatically run in compatible UW mode.
You want at least an U2W (80MB/s LVD) or U160 controller (160MB/s) for faster drives. Storagereview has first benchmarks of Maxtors new Atlas 15K, that drive has a transfer rate from 55.5-73.5 MB/s (Cheetah 15K.3 delivers 51.1-76.4 MB/s), that's the transfer rate of a 2-HDD IDE RAID-0 from a single drive, not to mention the ultra-fast accesstimes

rool
Forget about HVD drives, very old technology, slow, loud and hot and you can't usually buy a HVD controller, they won't run on your 2940UW.
Oh, and here the promised URL >
http://scsifaq.org:9080/scsi_faq/ Check out the Quick Start Guide while the page is still available.