to hard drive of course, but you're free to supply a solid state disk...

I might be missing the point, but do you really assume that a record loop (like described above) is a load for a HD.
That's holiday for the disk, it can do it for 6 month or longer non stop - no kidding, it's the best job an average HD will get in it's life
See it this way: the files are created ('tape formatted'), the record starts, the head steps one block after the other, at the end the head is moved to the start again and slowly steps one block after the other...
No back and forward, no wild seeking, step by step.
cheers, Tom