Did you ever figure this out? I'm having the same problem where the usbdisk1 is an automatically created share but I cannot select the USB drive as a volume to create other new shares on. I've tried EXT3 and XFS with and without GPT. The external drive is a 3TB Buffalo DriveStation. The Terastation is a new TX-XE8.0TL/R5 running firmware 1.60.
I know that I should be able to create multiple shares onto the USB disk volume since I've done it before on other Terastations, also with 3TB drives. Buffalo says that this 3TB (and the 4TB version) are fully compatible with the TS.