Well, given you have a 500GB Data drive, and 60GB boot drive, you really need a 600GB backup drive, minimum, to properly back this up. Your Data will grow. It always does. And I don't know where you're planning on storing TM, since it needs about 2x the size as a minimum...
But, anyway, for SD, you'd partition the backup drive into two volumes, one 60GB and one the remaining space and schedule two "Backup - all files" with "Smart Update", from a source to its corresponding destination. You can set those for the same time if you'd like.
For Time Machine, well... I don't know. If the network volume supports TM, use that.
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--Dave Nanian
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