Well I don't know much about the TrumpCard.
I had a RocTec Rochard controller on my A500.
Anyway, Yes it should take more than just a couple
seconds to Low Level format a 40 meg drive, as a guess
I'd say 5 minutes or so, maybe a little less.
I had a 1 gig Conner drive on my A500 with OS 3.1.
With OS 3.1 you probably could run up to a 4 gig drive,
but that could also depend on your TrumpCard controller.