Thanks for your reply guys.
Sorry for the delay in my reply, I was pretty busy.
I've concluded that it only takes FAT32, which in itself limits it to:
Max Drive Size: 32 GB
when formatted on Windows computers using its in-built utility
Max File Size: 4 GB
However, it can be formatted with other tools - such as FAT 32 Format
https://fat32-format.en.softonic.com/ and get bigger
In theory, I've also thought of a way to speed up COMAND reading the media - by trying to fiddle around with the allocation unit size.
This is basically the size of each 'block' of memory, or the little boxes that are put onto the USB drive/SD card when it gets formatted. Data from a file (say an mp3 song file) then gets spread and put into these boxes. The bigger the boxes are, less boxes need to be 'visited' by COMAND to get all the data together to play the song, so in theory its quicker. The downside of course is that the final box won't be filled up all the way, so a box that has 64kb of space might only have 3kb of data in it, creating a wastage of 61kb in this case.
However, given that on average (say that on average half of the final allocation unit is wasted) 32kb is wasted, 32kb is nothing compared to a 4 or 5 MB mp3 file, and is worth the trade off.
I am going to test my 128 GB SD card formatted in FAT32 with a 64kb allocation unit in my COMAND 3.5 system. I shall report back with my findings.