Hmmm... AFAIK, you cannot. Unless you use an app to repartition it on the PC. And then wipe/reformat whichever partition you want to be HFS+ on the Mac. Or maybe this will work with one of the Mac partiton apps (which scare me). Ultimately, you're going to want a GOOD BACKUP of your data on the external, in case something happens. And when you mess with the partion map, something Bad CAN happen. And if you back it up... well you might as well repartition/reformat it the safe way.
I'm not sure you can format a partion as FAT32 on your Mac.. only a whole logical drive.