I want to install new Apple TV which can receive iTunes media stored in a NAS device connected to my router.  I would like to use both a PC and a Mac to manage this.  Is that possible?

I guess the real question is can a single drive in the NAS be shared by both a PC and a Mac.  I plan to access the network from both the PC and mac wrelessly but will ust CAT5 between Apple TV and router.

You are asking several different questions. If you need to store your photos, music, and movies on an external volume, you certainly can. Any externally connected hard disk drive will work, connected either directly to your Mac or to your Time Capsule as a shared volume.
You should not rely upon using that as a backup device though. Although you certainly may use it for both purposes, it is a better idea to have dedicated backup devices for a variety of reasons not limited to redundancy. You would not want to simultaneously lose all your pictures as well as your backup. If they are all on the same device, that could happen. Furthermore, a backup cannot back up the volume on which it is running.
As for adding an Extreme or Express, using its LAN port for your iMac, and then enable Internet sharing so you can effectively use the iMac as a "hotspot", you can do that too, but I am unclear on what benefit you believe this arrangement would convey for you.
An Extreme's Guest network is separate from its Main network; that is the reason for having it.

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