You have the latest firmware. The alpha suffix merely denotes the geographical Region you selected after the update. Years ago with previous models, there was separate firmware versions for different geographical locations. Today that is unnecessary, the player will make any ‘local’ changes required based on the Region selected by the user.
Are you planning to simply use the Fuze+ as a card reader for transferring files to a microSD card? I doubt there is any single audio or video file larger than 4GB that it will play. If this is a DVD or movie conversion, it’s possible I suppose the files could exceed 4GB, but you’re better off breaking it up into smaller files and playing them consecutively.
If your goal is to use the card for non-audio or video files and for transfer to a different computer (like from home to work, or vice-versa) you’re better off getting a dedicated card reader for faster transfers than using the Fuze+.
You can try formatting to NTFS if you want to, but I don’t think the Fuze+ will recognize this format. You can always re-format back to FAT32 if it doesn’t work.