Want video > 4GB on your cards? Dump FAT32.. If you have CF >= 256GB the camera will format exFAT filesystem, but you don't need a card that size to use exFAT. Place CF card in your PC reader and format it direct to exFAT and your done. The camera will create the folders when it see's them missing.
Only thing you have to remember is not to format in camera.
now start shooting your video...