Thanks for your response. You've given me a couple of things to think about.
Let me add some clarity about the problem I'm trying to solve. Many of the dates on my Photos got changed by me adjusting them when I imported many photos from outside of the library. They were decades old photos, so I was trying to back date them. This resulted in some number perhaps upward of 27,000+ (out of 55,000+) getting moved to the 'future' accidentally, meaning, for example, say Jan 1, 2035. (yes, has to do with the kludgy way Photos presents 'adjust date and time' feature).
So now my library defaults to showing me decades old photos first (because of the dates), so every new photo I add, is hard to find, with seemingly 10 years to go until the problem would solve itself. It's been very hard, trying to 're-date' these correctly without risk to losing EXIF dates on all and so my thought was, just restore a back up of the Photos library before this issue.
There is no drive size issue that I'm aware of as it is a Mac formatted external. I do keep the full images.
But now, I'm troubled about the iCloud issue - a combination of libraries? Keep in mind, this is not a "NEW" library, its restoring the Mac Photos Library from Time Machine.
Please LMK your thoughts.