Which VMware? They make at least 6 different VM products.
For sharing files from a Linux host, use a Linux file system and use NFS or CIFS sharing over the network. The real file system doesn't matter, provided it is Linux (avoid NTFS, FAT-whatever, ... ). The fact that the OS trying to access the files is running inside a VM means nothing - it isn't important. I would avoid the "host file system sharing" stuff that desktop VM tools allow. IME, they suck, don't do file locking correctly and are just .... slow. NFS blows them away.
If the drive is portable and might be connected to non-Linux systems directly, use NTFS. Be prepared for occasional file corruption - maybe once every year or so. Also, always, always, "eject" the device or umount on Linux before unplugging it. A clean system shutdown does what you need as well.
Linux has no issue accessing GPT/MBR partitions with any sort of file system, provided you load the correct drivers. Regardless - avoid FAT or vfat - that file system needs to die, die, die.
Of course, YMMV on all these things. We all come from different backgrounds with different skills.
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