I can't answer the question of jumpers and master/slave issues with reversing the cable, although I don't think it would work. My question is, what kind of external drive are you talking about? There is no such thing as an external IDE/ATA drive. There are only internals. You could have a bare drive external as long as it has power, but I wouldn't recommend that. Also, the IDE controller chip may not support master/slave, but I don't know for sure.
To the best of my knowledge, you are limited to USB, or a SCSI drive through a USB adapter.