If one wants to have a native Windows-readable volume together on the same drive with a complete Mac clone, the whole situation gets somewhat complicated. With a PPC Mac you can still create a clone which can fully restore the HD in the event of a crash, but the clone will not be bootable.
A bootable clone is always more desirable, for two reasons: First, in the event of disaster you always need to boot from "somewhere" and then run a program that will copy the clone back to the internal HD. It's convenient and easy for that bootable "somewhere" to be the clone volume itself. Second, a bootable clone is testable - you can tell in advance whether it is good by simply booting from it and making sure it works OK. However even if a clone cannot be booted, it can still restore your system. The OS install disc has a copy of Disk Utility on it, and Disk Utility has a "Restore" tab which essentially acts similarly to the cloning software listed above. So in the event of a crash, you could boot from the install disk, run Disk Utility from there, erase the internal HD, and then use the non-bootable clone volume as the source for the restore, with the internal HD as destination.
I mention all this because although less desirable than a bootable clone, a non-bootable clone is the only option for a PPC Mac if you also want the drive to have a FAT32 partition that Windows can read natively. A disk drive has two levels of formatting - an overall level called the "partition scheme", and an individual level called the "volume format" which can be different for each partition. In a nutshell - a PPC Mac requires a drive "partition scheme" called "Apple Partition Map" in order to boot from any volume on the drive, and you cannot create a FAT32 partition on a drive with an Apple Partition Map partition scheme. If the overall partition scheme is instead Master Boot Record, then you can indeed create both a FAT32 partition and an HFS+ (Mac OS extended) partition on it, and you can use cloning software to create a good clone on the Mac-formatted partition. But such a clone won't be bootable on a PPC Mac - again, a PPC requires Apple Partition Map for booting.
An option to "have it all" might be to partition the drive as APM and format the volumes exclusively for the Mac, allowing you to have a bootable clone there, and then to install a product like MacDrive on the Windows PC so that it can read such a Mac-formatted volume.
Perhaps the most practical option would be to just buy a second external drive, one for each computer. Each could then be easily formatted optimally. They are not that expensive these days.