AFAIK, external media is always FAT/32 (and so inherits the max file limitation).
If you're ripping over something like a movie, you could break it down into < 4GB chunks and then setup a playlist if you want contiguous playback.
Just kind of speculating as I haven't fooled around much, but that's how I handle media on an external drive on our PS3 (same thing, only supports FAT/32).
The only other thing I'd say is try ext2/3 if you have access to a Linux box to see if it's supported (since NTFS is an MS proprietary format, it's no surprise it's not supported).