I'm afraid I don't understand exactly what you're trying to accomplish. You want encryption, I got that bit. But by encrypting both you're really doing nothing since each host operating system needs files unencrypted to work from, thus anyone looking for access would merely have to reboot into the other OS.
Are you trying to share files between operating systems, and have those files be secure at all times? Without windows in the picture secure .dmg files are absolutely killer for general use, but off the top of my head I don't know what would accomplish the goal set out in the previous sentence.
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