A drive formatted as Mac OS Standard can't have OS X installed on it; OS X requires Mac OS Extended. Mac OS Extended makes far, far more efficient use of hard drive space than the much older Mac OS Standard format.
If you're saying Mac OS 9 is recognizing a single Mac OS Standard-formatted volume of 238GB, I don't understand that. If the drive were correctly formatted (as Mac OS Extended), Apple says that would be impossible:
http://docs.info.apple.com/article.html?artnum=86178
Note that the the article's title focuses primarily on a hardware limitation imposed by the internal ATA bus in some Macs (which is irrelevant to your question), and not on the volume size limitation imposed by OS 9 itself. But that volume size limitation is mentioned in it:
"If you plan to start the partition up from Mac OS 9.2.2, the partition sizes may be a maximum of 200 GB. If you have a drive that is larger than 200 GB in size, you will need to create multiple partitions with no single partition exceeding 200 GB in size."
Now, it may be that the 200GB limit doesn't apply to Standard-formatted partitions, because they contain far, far fewer blocks than Extended volumes of the same nominal capacity. But on a very large Standard drive, each block might be 1MB or even larger, while on an Extended drive each block is only 4K. What that means in real life is that on a Standard drive, a tiny 5K text file might occupy 1MB of disk space, while on an Extended drive, the same file would occupy only 8k. On a Standard volume, that file wastes 248 times as much space as it actually needs! A 1201K file on the same Standard volume would occupy 2MB, but on the Extended volume it would only occupy 1204K. The more small files a large Standard volume contains, the more of its nominal storage capacity is simply wasted. And the maximum number of files it can contain (65,000) is tiny compared to the number that can be stored on an Extended volume. So you really don't want to use Standard format, even if you only run Mac OS 9 and not OS X. The real-life storage capability of your drive will be radically diminished if you do.
As for the idea of partitioning the drive into two FAT32 volumes smaller than 200MB, that won't work for the reason I cited in my previous post: The PC-based partitioning scheme used to divide a drive into two or more FAT32 volumes is unreadable by OS 9. Similarly, the Mac-based partitioning scheme used to divide the same drive into two Mac OS Extended (or Mac OS Standard, for that matter) volumes is unreadable by Windows. The two operating systems can't read each other's partition maps. So no matter which computer you use to partition the drive, the other computer won't recognize the partitions. This is why it's essentially impossible to create a drive that has both FAT32 and Mac OS partitions on it, and why a cross-platform drive must therefore be a single unpartitioned FAT32 volume.
While it's my understanding that PCs will commonly balk at the idea of creating a FAT32 volume larger than 32GB, I've also been given to understand that if such a volume is created, the same PC will be perfectly happy to use it. And a Mac is quite happy to format a FAT32 volume larger than 32GB, at least if it's running OS X. What I'm not sure about is whether
Mac OS 9 can format and use a FAT32 volume larger than
200GB, which is exactly what your situation requires. Maybe you can give that a try and let us know how it turns out.