Hi,
The best tool for merging your two libraries and retaining all of your organisation/album structure, before/after edits, etc in my experience is Power Photos from Fat Cat software. Do you have to pay for it unfortunately, but its well worth it (I have nothing to do with the company BTW) and the developer is very helpful. The Duplicate Photos feature is very good also.
Alternatively, if you didn't want to pay for the software, you could just export all of the photos from one library and re-import into the other but you are likely to lose your organisation and edits. Depending on how many photos you have you could export an album at a time, but you will need to decide whether you export the photo pre/post edit. This may not be issue if you have not spent a great deal of time editing your photos.
Once you have created your single, merged library, you mentioned that you only wish to import your any new photos once. The best way to do this is with iCloud Photos. You set one library as the master (via preferences) and any changes you make to either the master library or the secondary library are synced to the other. You mentioned that the iMac is quite old, which version of OS are running as they may impact whether iCloud Photos will work.