As it turns out (and as I learned via some experimentation since I didn't know how to answer your big question), your better response might have been something like "Don't worry about it -- the SD! and TM backups will co-exist just fine without any partitioning necessary."
I guess there is actually no reason for concern, at least until the entire 1.5TB drive is filled; and then TM will start deleting its oldest versions. But what will SD! do if there's not enough space to complete a smart update at that time? Thanks again!
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