In principle, it will boot up fine. In practice, there COULD be issues with specific components. I would say simply try it and see what happens. During the boot process, there will be telltale messages---which will all get logged.
Set up one or more partitions using FAT32 filesystem (easily readable by both Linux and Windows)
fdisk for partitioning
mkfs for file system setup
In Linux, create an fstab entry, so that the new partition(s) mount on boot-up. "man fstab" for the details. You will be mounting the new partitions at any point on your Linux filesytem tree that you choose. First you create an empty directory, and then you reference that directory in fstab.
You can also manually mount a partition to a directory "mount point" "man mount" for details.
Sharing on the network:
First, you share directories (volumes, folders, whatever)--not drives or partitions.
Second, I assume that you will use SMB (Samba) to make the Linux folder look like a Windows share. This may already built in to your Linux distro. Search Google for details of how to set up Samba.