I've got (an older) Time Capsule and it's been great. If I were you, I'd just set each MacBook's Time Machine preferences to back up to your new Time Capsule and be done with it. Each machine's backups will be kept in its own ".sparsebundle" file, so they won't be mingled together.
I'm assuming your new 2 TB TC disk exceeds the total of the MacBooks' data by a decent amount. Say, double the backup data size, or at least 50% more.
TM will manage the situation when the TC disk fills up by automatically deleting the oldest backups. For quite awhile I had two machines backed up to the same TC internal drive, and had no problems.
You don't get to specify how much disk space is used for each machine's backups this way. If you really want more control (or need more backup space), you could plug an external USB hard drive into the TC and use it as the backup destination for one or more of your MacBooks. It could even be partitioned (you can't partition the TC's internal drive without removing it, and even then it may not work correctly).
But, like I said, I've had good luck just letting two machines share the backup space.
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The Airport Express should work well to extend your wireless network range. I have that set up too. The best and recommended way is to run an Ethernet cable from a Time Capsule LAN port to the Airport Express WAN port. Then set up the Airport Express to create a wireless network with the same SSID, security settings (e.g., WPA2 and password), and channel number as your TC is set up with. This will give you a roaming network with the best performance.
If you absolutely cannot run a cable from the TC to the AE location, you can place the AE within the TC's wireless range, and set the AE to "extend a wireless network". However, from what I've read, this incurs a lot of overhead which affects performance significantly.
This
http://support.apple.com/kb/ht4145 gives more info.