linderman

yes you have it correct; just remember linux doesnt use NTFS

I am not sure how you would reformat a partition once it has been NTFS to tansform it to Fat32 (linux can use fat32)

you can easily convert from fat32 to NTFS but not vica versa without zero filling the drive

the best way IMHO to set-up your endeavor is to have linux on its own drive and the windows OS on its own drive; then you simply boot from which ever one you desire at the moment