Data0000 – System Information
Data0001 – Partition (XTAF) header
Data0002 to end – Directory Tree / File Data

To load a usb device, just merge all the data files and load the FATX partition at 20000000h. To save the partition back, just split the file like:
0h to 20000000h – Data0000
20000000h to  2005C000h – Data0001
2005C000h to end – Data0002/others

Easy :)

Edit: Made a small app to do this for you, you’ll still need to load the partition manually. Download Xbox 360 USB converter here

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