Does Migration Assistant copies all iTunes/iPhoto data to the new Mac?

I currently placed all my iphoto and itunes data on an external harddrive in my current setup. I have a MacMini 2010. Im planning to upgrade its HARDDRIVE with a smaller capacity but faster SSD.

So here goes my question... (the fact is, i haven't tried Migration Assistant ever, hence these troubling questions..)

I would keep my old harddrive intact as it used to be. I would install the SSD on the MacMini and do a clean install of OSX Lion which is also the current version of my OS in the old HARDDRIVE. I'm planning to attach the OLD HARDDRIVE using an HD enclosure and connect it using USB/Firewire externally. If i use, Migration Assistant to copy my settings and files in the OLD HARDDRIVE, will it also copy all my itunes/iphoto data into the new SSD? (music and photo data that are stored in an EXTERNAL HARDDRIVE right now) - meaning itunes and iphoto data folders are in an external hard drive.

I'm pretty sure it wouldn't fit. Im hoping itunes and iphoto would just LINK all those files as it used to be on my EXTERNAL HARDDRIVE and NOT COPY it to my small capacity SSD.

Do you get it? Please ask me if you don't. I just want to make sure a smooth transition to the new SSD if i push thru.