I don't understand why an external drive would require 10.6...the Mac OS X format (HFS extended Journaled) and partition scheme, GUID, have been used since Mac OS X 10.4. The Time Machine system has been in use since 10.5. Someone may be giving you some bad information.
Check the drives offered by OWC, http://www.macsales.com and see what they have. I have three of their Mercury Elite pro external drives, 2 TB each, and they are great drives. OWC has on-line and telephone help so can answer any questions about compatibility of the drive you are interested in.
An external drive can be partitioned into a partition for Time Machine to use for backup, or another backup procedure, and a work space partition. I setup my drives, for three different computers, to have a backup partition and a Carbon Copy Cloner bootable partition and a storage partition. That way there is a good backup of the system, and a bootable copy of the system so if anything goes wrong I can simply boot (restart holding the Opt key then select that partition for startup) into a working version of the operating system.