Time Machine preferences hangs while selecting backup disk

I can't get Time Machine activated on my mac pro because it hangs while looking for a backup disk. I think it has something to do with my current drive setup, but I don't see why it should hang for so darn long. When it finally compiles a list of disks I can use, it doesn't let me select any of the drives (still hanged).

I have a two main volumes. Partition one is a 320gb disk which is the one I want to backup to a network drive. The other partition is a 4-disk RAID 10 array which I've mounted as my custom Home folder. The redundancy from it frees me from having to do Time Machine backups of my Home folder.

Any ideas on how to fix this? I'm thinking that if I could somehow access the preferences and exclude my home folder from getting backed via Time Machine I can prevent the crash, but I can't even get to the preferences since I have to select a disk fist. Is there any plist that I might be able to edit?

 

I managed to select a disk finally by reformatting an old external disk and choosing that as the disk for Time Machine when the window popped up asking me if I wanted to use it. I was then able to change the preferences to exclude my huge home folder and it got a bit better. However, now I want to change the disk again to the network drive and it just hangs looking for the disk. I can't figure out what it is.

Is there anyway I can change the Time Machine disk by say right clicking on said disk or even a plist I might be able to modify? It seems to not complain when it's told which disk to use.