Weekly bootable clone of my main M.2 combined with some space for daily TM backups

Guys, I'm going to order new storage for my Hackintosh and have some questions about clones and backups.

I have GIGABYTE Z370N with two M.2 slots and planning to use fast Samsung 970 EVO 250GB for main storage and WD Blue 3D NAND 500GB for backups.

Is it possible to split WD Blue 3D into two logical disks and use a half of it for Arq/TM backups, and second half for the bootable clone of 970 EVO? Or I need to use a whole disk for cloning and buy some extra disk for file backups?

My goal is to have the weekly bootable clone of my main disk combined with some space for daily backups.