Quorum Disk size for Windows 2008R2 failover
Solution 1:
The space actually used by a quorum disk amounts at most to a few kilobytes, not even megabytes. There is really no reason at all to go above the suggested size.
That said, creating a LUN and a NTFS volume of a few megabytes in size would be impractical for several reasons; the most common size for quorum disks in my experience is 1 GB, and even that is 99% wasted space.