MS-DOS 6.22 has a partition size limit of 500MB. This command will (On MacOS) create a FAT16 partition that is 500MB and mark the rest as free space.
diskutil partitionDisk /dev/disk5 2 MBRFormat "MS-DOS FAT16" SD1 500M FREE Untitled R/dev/disk5 is the volume you want to partition
2 is the number of partitions
MBRFormat is to make the FAT MBR style
"MS-DOS FAT16" the type of filesystem
SD1 is the name of the volume
500M is the size of volume in MB
FREE is to mark the next partition as free space
Untitled is the name
R means the rest of the drive