Agree with Juicy.
A time machine backup should be kept on a separate drive, "all by itself".
I wouldn't "mix it" onto another drive with "normal" data.
I'd suggest you get two drives.
One for the tm backup, the other for the libraries.
The tm backup drive could be platter-based (you don't "need speed" for this).
BUT... wait, there's more...!
If you're going to store data (such as your music/photo libraries) on a separate drive, now you need ANOTHER (third) drive to back that up, as well.
You never, NEVER want to trust important data to ONLY ONE drive.
If that drive fails...?
Final thought:
I've never used tm.
Instead, I recommend either CarbonCopyCloner or SuperDuper for backups.
I've just seen too many posts here from folks who relied on time machine, who THOUGHT it was working, and then tried to access their data in a moment of need... and... couldn't.