Technically FAT32 supports volume sizes up to 2TB, but it's apparently inefficient for the job. You're also limited to individual files below 4GB in size, which is really not that much, especially if you've got a terabyte drive to fill - a good sized video can easily exceed it. Windows won't format FAT32 volumes larger than 32GB, either, although there are workarounds.
The easiest way to format to NTFS would just be to do it on a Windows machine. I assume you've got access to one, since it wouldn't be an issue if you didn't! You only get read compatibility on OSX by default though, you'll need FUSE or ntfs-3g for writing.
Alternatively, make a small FAT32 partition, put HFSExplorer on it and just format the rest as HFS+. That way you can see the FAT32 partition on any Windows machine you need to use, then install HFSExplorer from it in order to see the main partition on Windows.
