What exactly are you hoping to accomplish by re-partitioning your iPod?
Speaking from experience: messing with the partitions on an iPod will brick it. It is a bit nerve racking to see your iPod boot and then show the missing system folder icon.
However, it is actually simple enough to restore, you just need to name the partition something like 'Gnomo's iPod' and then iTunes will recognize it as an iPod, rather than a firewire/usb hard drive, and treat it as an brand new unconfigured iPod.