120GB? I would strongly recommend you to get a storage database
instead of just the external harddisk. External harddisk is more
likely to get corrupted and putting too much data is not a good
bet. Once corrupted, you can only seek professionals in hope to
recover some data, which can be costy and not always work.
Formatting it yourself will cause you to lose all data.
A storage database offers more range of storage choices and has
special features to prevent a single corruption from affecting all
data. Of course, its bigger and more expensive.