Time Machine and data on ready share?

First of all , i've been lurking for some months and just signed up about a week ago or so; thank you all for indirectly helping me move toward buying my first MBP.

My question is; is there anything wrong this scenario? I have a Netgear router with a usb port to attach a drive. What I want to do is get a 1TB drive and partition off approx 650gb for TM in Mac Journaled then leave/partition the remainder in FAT32 for pics and music. Any video would be <4gb files so not too worried about that. This part of what I want to do I'm fairly confident is ok. I'd like to be able to unplug the drive to take with me when I'm traveling. Is TM going to have a problem with no longer finding the drive on the network because it's plugged in instead? Oh, I'm talking about a 13" MBP fresh from Apple with 8gb ram and the 256gb SSD running Mavericks. Thanks in advance!

The scheme that Time Machine uses for file placement on backup drives is different between when a drive is directly connected and when it is a network drive. Not sure that there is a work-around for that issue. You may have to allow for two different Time Machine backups to be on the drive.

Thanks Ron, didn't know that could be a snag. Well, I could always turn off TM when I pull the drive from the network then turn it back on when I reconnect.