Not really, no. Since your drive is FAT32 (which has various limitations, and isn't Mac-native), you'd need to reformat it anyway. HFS+ (aka Mac OS Extended) is a native Mac format that supports all the various goodies Mac files have, including the potential for sizes over 4GB.
Of course, you could get another MyBook (they run about $100 for a large one) and use that exclusively for backups -- that way you could backup your photos, too! That'd be the way I'd go...
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--Dave Nanian
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