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NTFS isn't secure if one can gain physical access to the drive and for external HD that is often VERY simple.
The efficiency can also be debated. Said that I will admit that all my external HD's are NTFS formatted, one of the reasons is that XP can't format FAT32 larger than 32 GB and an other is the 2 Gb size limits of files.
Like Cynthetic pointed out NTFS is read-only in many applications where the host is not Windows XP/Vista.
For the use that you describe I would not think that NTFS would have advantage over FAT32, but your milage may vary ;-).
Yours
ZB
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Sodomy non sapiens. : I'm buggered if I know
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