There are two issues I see..
1. ext2's max is 2TB. No getting around that unless you use ext3 or 4.
2. MBR's max is 2TB. You'll need GPT if you want to go past that.
I would suggest re-partitioning your hard drive via gdisk (linux) or gpart (FreeBSD). This will save you a ton of headache in the future.
As for formatting, it doesn't make a difference. Although, I only use ZFS on my systems so it is not an issue.
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