iTunes Library on Flash Drive

I recently purchased a macbook air, and was going to use mainly as a travel computer, but I find myself using it more and more, and hardly ever using my macbook pro. I am contemplating switching completely over. My one big issue is syncing my iPhone and my iTunes content including mobile apps. The macbook air is somewhat limited in storage with 128 GB. I thought in an effort to maintain maximum portability and also storage space, I would move the iTunes library to a flash drive.

If I wanted to do this, I assume I simply have to drag the iTunes Library folder from my home on the macbook pro to the flash drive. Then I would just change the preferences in iTunes on the macbook air so that it knows the iTunes library is located on the flash drive.

Two questions if I have it so far. First, I assume it is not a problem to remove the flash drive so long as I am not accessing iTunes content. Please let me know if this is correct. I store my daughter's iTunes library on an external hard drive, but her computer is a desktop so portability is not an issue.

The second issue, is whether there are any other libraries or folders that need to be copied or transferred. I ask because I see certain references to mobile apps in preference folders in my user library. At least I think so.

Any help or thoughts would be appreciated.

Thanks in advance.