Yeah, I agree. The Time Capsule drive is FAT32. Which explains why backups are contained within sparseimage files (their internal file structure is HFS+).
The easiest way to get around the limitation of being unable to partition the TM disk is to just create a sparseimage file for your own data. It can grow with your data (up to the maximum amount you specify at creation) but won't take up that space unless it specifically needs it. That allows TM to access every bit of free space it possibly can while still keeping your data segregated. The most useful bit here is that you can encrypt your non-backup data for extra security.
The easiest way to get around the limitation of being unable to partition the TM disk is to just create a sparseimage file for your own data. It can grow with your data (up to the maximum amount you specify at creation) but won't take up that space unless it specifically needs it. That allows TM to access every bit of free space it possibly can while still keeping your data segregated. The most useful bit here is that you can encrypt your non-backup data for extra security.