Hi, Cox27Rd,
You can create new libraries and copy over selected projects to them. Before doing that you want to consolidate your current library's media and also consolidate the media in each project. This will insure that all of your data carries over.
To consolidate your current library media, open iMovie and click on the current library's name in the side bar to the left, and then do a File/Consolidate Library Media. That will insure that all the media used in the library will carry over.
To consolidate the media in each project, go to the projects browser screen (where your projects are displayed as icon), click on a project icon to select it, and do a File/Consolidate Project Media. Do that for each project.
After consolidating, you open the current and a new library, and then, in the project browser screen, move your cursor over the title of the project to reveal a little circle with dots in it to the right of the title. Click on the circle and a drop down menu will give you the options to move or copy the project to your selected library. For safety, I would copy rather than move them.
Here are a couple of help links that explain how to work with multiple libraries.
https://help.apple.com/imovie/mac/10.1/#/mov3fa25bae7
https://help.apple.com/imovie/mac/10.1/#/mov882dee351
-- Rich