Stewart85 Only if you know you'll need to import a large number of, or BIG sized imports from WHM/Plesk else small is fine. My control panel server in one estate is 40GB Never been a problem.
Do you plan on hosting sites on this control panel server, or using it as CNC and then using other servers as app/db/email? That will help you determine. I have my CP and Backup servers small and my app server as a big dedi.
Finally, if you can scale up later, start small, over starting big and have issues shrinking. It's usually easy to scale up storage size, but shrinking requires YOU to know how to shrink filesystems. etc...
Just know that currently we can't move the CP server to another system, it's coming but it's worth pointing out that it's been an open feature for 1 and half years and counting. So work with the idea that you can't move the CP role easily.
With that in mind, having your CP on a VPS is better than a dedi as you can scale up/down.... Moving is difficult. Plus you can usually do backup/snapshots with a VPS, which is perfect to do before any updates for more resiliency.