Yes. It wouldn't do anything though (no wi-fi network at school - and they say 'we will give access to the latest technology :laugh:), and I would wear it under my uniform shirt.
For a million dollars would you use email with no spam filter for a year?
NTFS is more efficient than FAT(32), as NTFS's cluster sizes are smaller, resulting in less wasted space. It also supports compression and encryption. See http://en.wikipedia.org/wiki/NTFS.