You have 350gb of music?
Lol. The biggest Classic currently is 160GB. Which is 40,000.
Yet you want to carry nearly 3 times that amount with you?
The shear size of the thing would mean nobody would want it. Have you seen those passport ext drives? Granted they aren't massive, but a bit big for putting in your pocket and that's just the drive. When you add the actual mechanical of the iPod and the screen etc. It would be huge, not to mention cost a fortune.
The Classic will be phased out, sad but true.