RE: 40 acres baby!
I have seen more deer this year than I ever have in a given season and all were on a 17ac. tract of land.
As for running dogs. NO. I dog hunted for most part of my life and if you try to run dogs on just 40ac, you will end up running the other land around you and will more than likely cause problems.
I have nothing against dog hunting, in fact, I love it. Just answering your question.
I think some states also require a certain amount of land to run dogs now. You need to call a local warden and ask him. Other than that, go for it.