No, it will not
The only thing you'd be able to do is divide it half and half and use the kernel ntfs to do a read-only from the Windows Partition to the Linux partition. find this at http://linux-ntfs.sf.net/
then in Windows use a tool named explore2fs to do a read-only from the Linux volume to the Win volume
That way, you can have read-only between the 2 volumes.
But sorry, otherwise it wont work :-(