If you dont know what FAT is, you can read it for example on this wiki page. The 8 in the name means that 8 bits are reserved for one record in table.
This task was final for subject "Operating System 2" on Department of Science on Palacky University in Olomouc.
You can find the task description in file zapocet-zadani.pdf or on Petr Krajca's page (it is in czech).
For disk I choose the second option with classic read/write operations and making another layer over it for caching.
Demonstration of how it works can be find in main.py. Or you can test it on your own by calling methods as are
descripted in pdf file. For viewing the "disk" I recommend some hex dump editor
(in my case it was extesion BinEd - Binary/Hex Editor from Miroslav Hajda).