You definitely need to partition the drive; one for Time Machine and on for CCC clone. Don't forget that Time Machine will keep growing until it fills the drive then start removing older backups. If the TM partition is the same as CCC partition, you can wind up in a situation where CCC can't update the clone as there is no free space.
However, I have two external firewire drives, one has two partitions: TM in one plus a clone in the other partition and the second drive has a clone and some other stuff in a 2nd partition.