windows install

In one word... yes.

NTFS is more secure, and I believe but could be wrong, faster. It is also more reliable than fat.... I doubt you will see a massive decrease, but a little.
 
To be honest hardly worth the effort I've never had any problems with FAT32 formatted drives, yes they're not as secure but for 99.9% of people that really doesn't matter, unless its a works PC I'd generally format it for FAT32 so I can fiddle with it in DOS easier.

Having said that I think my data drive is NTFS :p
 
NTFS=Quicker, more secure and becomes less fragmented.

As above - use the convert command but please make sure your important files are backed up first....just in case.
 
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