RE:
"Just wondering if this was possible. I only own one 500gb firewire drive and don't want the Time Machine app that came with my MBP to just sit there uselessly while I use CCC."
I'm going to _guess_ and say "no", UNLESS you partition the drive (and then use one partition for Time Machine and the the other for CCC).
In my opinion (and it's my opinion only), Carbon Copy Cloner will create a vastly more "usable" and valuable backup. Time Machine will [eventually] clog up your backup drive with version after version of the same file. And it won't be bootable.
With CCC, you can create a fully-bootable "dupe" of the contents of your internal drive. Got a problem with the internal? Just boot from the backup. You CAN'T do that with a Time Machine backup. What kind of "backup" is that?
I've never used Time Machine and don't intend to. When Apple includes a _functional_ backup utility with the OS, then I'll use it. But not yet.
- John