I used an LG branded 200 gb MicroSD card with a USB adapter. It worked for a while, now it has disappeared. You can thank Apple followed by Samsung for that, closing the OS to external storage options so you buy more expensive phones.
What I used mostly is a server, running FreeNAS, that has all my media on it. I was able to navigate to all the folders within VLC media player. Hope that helps. This is all over wired gigabit connection though. Can't speak to wireless performance.