Configuring efficient swap space for Linux on System z is a complex task. It very much depends on the specific environment and should be tuned to the actual system load.
Refer to the following resources for more information and to guide your decision:
'Chapter 7. Linux Swapping' in the IBM Redbook Linux on IBM System z: Performance Measurement and Tuning [IBM Form Number SG24-6926-01], [ISBN 0738485586], available from http://www.redbooks.ibm.com/abstracts/sg246926.html