Should I use alias link or symbolic links?

First I want to say I'm sorry if I ask a question that has possible been answered several times. But I can't find the answer to my question.

I have installed an extra internal hard drive taking the optical drive out. So my question is how I should use the second hard drive for things like iPhoto and iTunes. Should I just make alias or symbolic links to the library folder in order to make the best setup working with TimeMachine and for the system to work ok?

Many thanks!