Hi guys, I have a similar setup but with DFS storage (shouldnt matter) running successfully.
1. App Pool; if you are using a custom account to run the app pool under, make sure this account is available to both the IIS server and the File server. If your running AD, this wont matter. If the servers are not belonging to a domain, then the accounts will have to be created on both machines.
2. UNC share; check execute and write permissions are enabled in NTFS permissions and in Share permissions grant write access for the account specified in the app pool.
3. Caspol. You need to grant FullTrust rights using CasPol.exe to the UNC share from the IIS server. command will be similar to caspol -m -ag 1 -url file://\\SERVER\PATH\* FullTrust. (You should verify this command as this is off the top of my head!!!)
4. AppPool account group memberships. The account you created to run the app pool under, make sure it belongs to the IIS_WPG on the IIS server.
I think that is it. If your having trouble running the apppool you should check the event log under application for a WWW/IIS entry complaining that the app pool was stopped. Most likely a password issue with the user account running the app pool.
Good luck!