No, talc is not ground up gypsum!!!
Talc and gypsum are both minerals, but the similarity ends there. Talc is hydrous magnesium silicate, {UGLY WORDS! paste from Word doesn't work! I can't give you the proper formulae!)
and gypsum is calcium sulfate dihydrate. Talc crystals and fragments are thin plates, like mica but much smaller. Gypsum is tabular to acicular crystals. Put gypsum on your skin and leave it there and all you'll get is a case of dermatitis. Talc, at STP (standard temperature and pressure: sea level and 68°F) is chemically inert.
The reason not to use talc in talcum powder is that many natural deposits of the mineral are associated with (WARNING: BUZZ WORD! FOOLS, IDIOTS AND MEDIA CRETINS ARE TO HAVE HYSTERICS!) asbestos minerals. Pure talc (last I checked) is harmless.