The Pandora alone, going full throttle, consumes about 500 milliamps and should last around 8 hours. The USB port is capable of giving 500 milliamps which is the maximum allowed by the standard. Assuming the USB powered hard drive only uses 500 milliamps at most, then it will cut your battery life in half.
However, there is not a consistent power usage among USB powered hard drives. Some hard drives just squeak in below that 500. Others use much more than 500 and have a Y adapter so you can plug them into a second USB port to get more power. The Pandora doesn't have a second port that can be used for that, so you need to ensure that it stays below 500.
Keep in mind as well that even though the standard says 500 is the max, PCs don't necessarily have to limit themselves to this, so it's possible that a USB powered hard drive could draw 600 or 700 milliamps and your PC is happily providing it (outside of spec). The Pandora doesn't have that kind of play, it can't afford to work too far outside of spec, so might fail.
Check the box, check the manual, check online resources, find out exactly how much power your USB drive consumes. If it's less than 500, you're good, other than it will consume about half your battery. But still, 4 hours is pretty good, and it's not like you'd use it all the time, right? Just unplug it when you don't need it.