There are things to consider, before doing this.
As WheelieNick explained, it can be done, but it will have severe implications for all subscribers.
The Shared iCloud Photo Library can only be set up for our iCloud Photo Library. When we set up the shared iCloud Photo Library, all photos and videos we share will be removed from our personal library to the shared library. We will still see or photos in the albums, but the subscribers will not see the albums,. They will receive a flat set of photos and videos without any structure. And it will appear on all their devices where they are using iCloud Photos, if they have an iPhone or iPad without much storage, their Photos.app may no longer be able to work properly. Before you set up the shared library ask everyone how large the shared library can be, so it will be small enough for all devices.
And when you share photos in the shared library, all other members can edit the photos and change the titles etc. I would not risk that after investing a lot of work into tagging and adjusting my photos.
Personally, I am only sharing a small, curated amount of my best photos in the shared iCloud Photos Library, and only duplicates, so my personal versions of the shared photos will remain unchanged. Before I share a photo, I add the name of the album as a keyword. This way the albums can be recreated by creating smart albums with there "keyword is ...". And I am sharing the items with one album at a time.
I wrote this user tip when the Shared library just came out, but it might still get some ideas what to consider: Things to consider when setting up the Shared iCloud Photos Library in Photo 8 on Ventura