Can iTunes on Yosemite use ExFAT? On Mavericks I think you can Short version of the question: can iTunes 12.1.0.50 on Yosemite using ExFAT drive as the Library or how to make it work?

I have some USB Flash drive and external SSD drive.  It seems that I can format them as ExFAT and then use it with iTunes 11.4 on Mavericks (using the drive as the iTunes Library), but when I use it with iTunes 12.1.0.50 on Yosemite, it gave me an error that iTunes cannot start.  So I have to reformat it in HFS+ (the Mac's file system), and then iTunes would run with it.

Maybe it is due to iTunes or due to Yosemite... but I prefer ExFAT slightly over HFS+ because ExFAT can be used on a PC if occasionally I need to connect the drive to a PC.  Is there a way to make it work with ExFAT?
I have my whole library on exFAT HDD. Just move iTunes folder from ~/Music to somewhere on exFAT hdd, create a symbolic link for iTunes folder and put it back in ~/Music.
But there is an issue. iTunes works a bit slowly than usual and shortly freezes while changing a tracks.