Short version: No.
Long version: No.
NTFS is an extremely rich filesystem that has things in it (streams, metadata, journalling) that just cannot be represented in FAT32.
FAT32 is, in any event, a truely crappy filesystem; I can't think of a single circumstance in which you'd prefer it over any other (other than the sheer ability to read it, that is).
We have Windows boxes here that we power-cycle all day long, and they never miss a beat, because there are many, many crappy things about Windows, but NTFS isn't one of them.