FWIW, I have a 512GB internal drive and keep all my data on external drives and only put applications on my internal.
Locating things like Music, Photos, Movies libraries on external drives is very easy and can reduce internal storage drastically.
For example, in my case, I have 105 apps installed (not including Apple utilities), and I do a lot of photography work. I keep all data, photos, and Apple app libraries on external drives and I use only 250GB of a 512 GB drive. I have a single high speed SSD for work in progress projects and the rest of the data is on slower storage.
Also, for things like movie streaming and music and basic archiving, you don't even need SSDs as 7200 RPM, 3.5" hard drives deliver more than fast enough speeds for these and in a lot of cases 5400RPM drives will suffice. You can get ton's more storage for much lower cost than SSD for these uses. Considering even quality 4K video streams at 30-40 Mbits/sec, a hard disk drive is more than easy enough. I mean BluRay drives deliver very high quality video and they are much slower than any hard disk drive.
I will say 512GB is about as low as you may want to go unless you want to closely manage a 256GB drive and all the app caches, libraries, etc.
On the flip side, I will say spend your money instead on as much RAM as you can afford. Apps and operating systems will only get more and more RAM hungry as time goes on.