With our RAM File System, answers to both your questions are simpler than you are anticipating.
You do not to set aside a block of memory. When you create a RAM File System volume, you give it a maximum size - it is a ceiling, not an upfront reservation. Memory is used only as files are written, and released again as they are deleted. If you set the maximum size to 24 GB and then put 3 GB of files on it, only about 3 GB of your RAM will be in use, not 24 GB. So you can be more generous with the maximum size of your volume - it takes up nothing until you actually use it.
There is no formatting step and no file system choice to make. RAM File System is itself the file system, so there is no virtual disk to format as NTFS or exFAT. You need to choose only a drive letter and a maximum size - and the volume is ready for use immediately. It presents itself to Windows as NTFS so that other applications recognise it, but in reality it has its own 'RAMFS' system.
You can run both RAM Disk and RAM File System products side-by-side on different drive letters, which is a good way to compare their performance with your hardware and with your workload. Just keep an eye on the total RAM use, as your existing RAM disk does hold its space for as long as it exists.