It will obviously take a good bit of space, considering you have terabytes of data. Storing the revisions will expand rather quickly, considering SVN doesn't have the best binary diff system.
I would look into a version control system that does offer strong binary difference tracking (can't think of any off the top of my head, sorry), and see if that can save you some time and space.
In general, you probably can make SVN work for this, at the cost of a good bit of space. Performance depends on how many files you're working with, also.