I don't know if this has changed with 10.6, but with 10.5 GUID was not required for Intel Macs to be bootable, but was preferred. Let me splain.
Intel Macs will boot GUID, but is a thing or two that won't work as expected. The only one that comes to mind is that you cannot install a firmware update. Not a big deal for a portable external drive, but a PITA for the internal boot drive.
I know this because way back in the first gen MacBook times, my employer had about a half dozen MacBooks that actually shipped with the wrong partition scheme from Apple. Machines worked fine; imaged them with a new OS, users used them for months. During routine updates, firmware update would not run. After digging, found the issue. Had to reformat to GUID, then all was good.
Since you are not booting, I believe you can use either format. Apple recommends APM for all non-start up drives.
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