Skillful use of i tunes

Hello, Yes, but with that big a library, be sure to have at least 2 backups.

• To move the iTunes Media folder on a Windows PC, see this article.
• If your iTunes library was originally created using iTunes 8 or earlier, the iTunes Media folder may be called "iTunes Music" instead.

If your hard drive is nearly full after loading all your music and other media into iTunes, or if you just want to move all those music and media files to another hard drive on your system, here's a way to make the move while retaining all your playlists, ratings, and play history.First make sure that the "Keep iTunes Media folder organized" option is selected in iTunes Preferences:

1. From the iTunes menu, choose Preferences.
2. In the resulting window, click the Advanced button.
3. Select the "Keep iTunes Media folder organized" checkbox.
4. Click OK.

More....

http://support.apple.com/kb/ht1449

Not sure what yu mean by TM working the same way!?

logeek wrote:

Would using time machine backups work more or less the same way?

No. TM is not a storage drive and the backups cannot be used from the TM drive - they have to be restored to the main drive before they can be used.