Howdy,
With Linux, any configuration that you can think of is possible. However, there are a few things to think about though:
The reason for encrypting a disk is to protect data at rest - when the computer is switched off - it provides no security while the computer is running.
The reason for protecting data at rest, is to protect your data after the machine was stolen and the disk is flogged off on Ebay.
That happened to me once already. Fortunately the machine was encrypted.
Leaving parts of the disk unencrypted, makes it easier to attack the machine, by providing space where an Evil Maid can gain a foot hold and install programs to subvert it. It also provides space where important information can leak to inadvertently and that information then has no protection.
Attacks only get better over time and there is little you can do to plan for attacks that were not invented yet. In general, the more encryption you use and the longer your passwords, the better your system security will be. Also bear in mind that encryption doesn't slow the machine down (about 3% only), since the processor has special instructions to make encryption efficient.
If you are thinking: "There is only $100 in my bank account, so it doesn't matter":
An evil comp sci student can get a credit card in your name, buy a car, sell your house and run away with the money while you are on holiday, etc...
These are all real problems that people have run into, so you really cannot be paranoid enough.
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