Remember that when Plus Maximizer came out, hard drive capacities were closer to 2 GB than the current multi-gigabyte drives. There is a tradeoff between efficiency and block size, and just because you can format with a 512K block size doesn't mean you should.
Now I am not saying don't do it. I just suspect Apple has made a reasonable tradeoff with the 4K block. And I also suspect you won't gain a lot by using 512K blocks.
Just a thought.
As for your question, I don't know. But you could always boot to OS 9 (if you can) and format the drive. Then use it in OS X.
Chris