Peter,
The short answer to your question is "not likely". Ideally the Time Machine drive should be significantly larger than the data to be backed up, because Time Machine keeps interval backups after the first one that allows you to go back in time and see how the data looked at a given moment (before you make a particular change, for instance). The larger the Time Machine drive, the further back in time you can go, as it starts erasing old history when the drive fills up so it can continue to provide backups near the present time.
Michael
The short answer to your question is "not likely". Ideally the Time Machine drive should be significantly larger than the data to be backed up, because Time Machine keeps interval backups after the first one that allows you to go back in time and see how the data looked at a given moment (before you make a particular change, for instance). The larger the Time Machine drive, the further back in time you can go, as it starts erasing old history when the drive fills up so it can continue to provide backups near the present time.
Michael