Why do you say it'd be a bad idea to store frequently accessed experimental data in Google Drive?
That said, I’m struggling to imagine how you could even efficiently process on the order of 1 PiB of data from Drive. Having that in a data warehouse or some object storage close to your compute seems required to make any good use of it.
With regards to data locality, I was more thinking about running a map reduce or similar ETL pipeline.
Much of the marketing for drive seems to still be (in sentiment at least) about dumping it all into Google drive and never having to worry about storage again. I assume they mean storing huge files in Google drive, but actually that's probably a significant use case for many users of cloud storage.