If the drive is USB 3.0 AND the server has a USB 3.0 port you should have no problems streaming 1080p.
It is unlikely you will find a 5400rom hd with a usb 3.0 interface though, wouldn't really make sense.
LAN is probably fine so long as their is no contention for the bandwidth, if you plan on having multiple users or uses of the LAN you want a 1gbps unit instead.