My read would be this:
Keep the TimeMachine drive (with only two partitions) for only TimeMachine. You should not muddy-up your backups with "general use".
You can get a 16 GB or 32 GB thumb drive, and format it exFAT which both Windows and Mac can read and write. Or get an external drive with higher capacity like 160 GB for the same purpose. Just do the exFAT formatting on the Windows machine, as Macs do not always do this cleanly.
Further, when you can afford it, you should separate your two backups physically (separate external drives). The chance of 3 drives (internal, two external) all dying at the same time is very very small, and much smaller than two drives (internal, one external) dying at the same time.