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the game is huge. That kept me from installing it for a while since I only have the standard PS4 and installing it made it necessary for me to delete just about everything else on my console.

This is why i prefer pc, can add more space in very easily

yeah that is certainly an advantage. Some of my friends have purchased external hardddrives for their PS4 but I don't know of the USB can actually transfer data quick enough to play games off of it, just store them there. It seems to me like it wouldn't be nearly as fast as the internal SSD. Load times on a PS4 are already pretty annoying, so waiting for the data transfer limitations of a USB drive would probably drive me up the wall.

Yeah the usb ports would be pretty slow. You could do a custom job inside though