What file systems can I use for a 128GB sdcard on Android 7.1, used as portable storage I can't find an answer to this on StackExchange. I have a phone running beta LineageOS 14.1 (Android 7.1), and a 128GB SDXC card which I want to use as portable/shared storage between devices. 

I know that the built in Settings -> Storage -> "format SDcard" chooses a default file system (FAT32 with large clusters or exFAT?), but if I wanted to, could I manually format the card via Terminal to use a proper journalling file system for better data safety? 

If so, what file systems could I use and what would the appropriate commands be? Would there be any other benefits or disadvantages? Would it still be portable or would I have to do something to stop ACLs/permissions being set up by default that would prevent it being swapped to other devices?

Update

Regarding comments below, it sounds like more context would help.

I'm not looking at NTFS/apple NFS as other file systems. My main "other devices" for portability would be other Android 5.1+ devices and Windows 8.1/10 (via microSD USB adapter). I'm comfortable that Windows would need an ext2/3/4/other driver or to host a Linux VM in order to read or write a microSD card that isn't in FAT* format. (I'm much more comfortable about adding ext* handling to a Windows machine than to add NTFS capability to Android, and its also simpler and less likely to give me problems because Windows would only need to access it for file management/copying, not via multiple apps of various generations on Android) 

The point underlying the question is that portable storage uses FAT32/exFAT by default, without offering alternatives, and these don't have any especial data integrity provisions such as journalling, that would be integral to (and included by) several other file systems. 

So its a natural question whether, by using a different file system from the default - which would of course require manual formatting and perhaps manual permissions setup - I can get the effect of universal read/writeability and portability (as with FAT*), but also gain in addition, enhanced integrity via journalling in case of crash or other data issue, which FAT* doesn't provide.
If 'journaling' is a requirement, then the EXT family (preferrably ext4) mighy be your only choice. Otherwise exFAT is the best. Just FYI, data safety depends more on your hardware rather than software (assume there's no malware), including filesystems. Any FS on a bad drive fails, and any FS on a good drive makes few differences.

It is definitely sure that if you format it to ext4, you'll have to frequently chmod -R 777 and chown -R 0.1028 (which is actually root:sdcard_r) to ensure apps work fine. Different apps have different UIDs &amp; GIDs and upon creating a file, the owner groups are set as the app's U&amp;G, while permissions are set according to the effective thread's umask.
Another notice is that Linux ACL is not supported by Android, whereas SELinux is, which can cause.
The FAT family is better for not having permission support, thus preventing "permission chaos" from happening. exFAT is my personal preference for shared storages. There's no regular maintenance required.
Since you're asking here, an Android community, I'm not going to discuss NTFS &amp; Apple's HFS as they can hardly be recognized by a common Android device. Of course you can add the support for those by yourself, but it's mainly a concern of developers.