With PCLOS 2010 around the corner, I am making thoughts about how to partition my new hard disk that I haven't even bought yet

I need Windows XP for work, but would like to do everything else in PCLOS.
I like to keep my data (work-related files, archived files, app install files, etc.) off the C drive in Windows and off /home in Linux. Currently I have an NTFS partition set aside for the purpose in XP, and a /data in PCLOS.
Is there a way to have a single consolidated data partition that both systems can use?
As far as I now, my choices are FAT and NTFS. Since I also have quite a few large files, FAT is out, and NTFS has the stupid habit of changing Last Accessed folder dates whenever something happens within them. The registry hacks I found don't help.
I am even thinking of moving my XP-based environment to a virtual XP under Linux, but I'd still need to access my data files from it.
What do you think?