Ntfs isn’t going to care or even be aware of the hypervisor FS, zfs or btrfs would both work fine.
Making sure you don’t have misaligned sectors, is pretty much the only major pitfall. Make sure you use paravirt storage and network drivers.
Edit: I just realized you’re asking for the opposite direction, but ultimately the same guidelines apply. It doesn’t matter what filesystems are on what, with the above caveats.