Use the FOR command.
Lets say you have saved the output "Volume 4 F BACKUP FAT32 Removeable 1934 MB" as OUTPUT.TXT
then use the FOR command as follows...
for /f "tokens=1,2,3 delims= " %i in (OUTPUT.TXT) do echo %k
The output of this command would give you "F" without the quotes.
The /f switch is to process a file line by line, in this case the single line in OUTPUT.TXT.
It extracts the first three tokens delimited by spaces (note the space between the = and the " after delims)
It assigns each token to variables stating with "i". So the first token is "Volume", second is "4" and the third is "F" which is the drive letter you need. This is assigned to the variable "k".
Note if you are using this in batch mode you have to replace each percent (%) sign with two like %%i and %%k.
Also, if you don't want to save the output of your first script to a file "output.txt", you should be able to pipe that into the FOR command.
type FOR /? for more info.
Hope this helps.