Setting Up Time Machine

We have two MacBook Pros and a Netgear WNDR3400 wireless router with USB access (ReadySHARE) on it. I would like to purchase about a 3TB USB hard drive and partition it out into 3 pieces each formatted as Mac OS Extended (Journaled) and connect it to the WNDR3400. Two of the partitions would be used for Time Machine backups of the two laptops. Now I know that it officially says that the WNDR3400 supports drives formatted in FAT, FAT32, NTFS, EXT2 and EXT3. However, I would like to know if anyone has accomplished this setup before and how they went about it. The manual for a WNDR3800 also says that it only supports drives formatted in FAT, FAT32, NTFS, EXT2 and EXT3. However, Netgear themselves provide step by step instructions on setting up Time Machine on that router using the Mac OS Extended (Journaled) format. So, I'm wondering if the same can be done with the WNDR3400.

I would really appreciate any assistance y'all could provide.