You probably don’t want to put Linux specific stuff on NTFS, like programs data or especially games. If you want more universal solution, format it as btrfs and install the driver on Windows. Otherwise you may face problems with compatibility on the Linux side of things.
You can mount the drive on Linux however you want if you go with custom fstab, so sky is the limit how you’d organize it and it really depends on your intended use. Heck you can have multiple directories (or subvolumes) in it and mount them in different parts of your /