1. Don't use Migration Assistant with an iPhoto Library. Its record is patchy and we see plenty of reports on here from people who have had issues.
2. You can easily archive a library to an external disk. You can also retain part of it on your internal drive.
Make sure the drive is formatted Mac OS Extended (Journaled)
1. Quit iPhoto
2. Copy the iPhoto Library from your Pictures Folder to the External Disk.
Now you have two full versions of the Library.
3. On the Internal library, trash the Events you don't want there
Now you have a full copy of the Library on the External and a smaller subset on the Internal
Some Notes:
As a general rule: when deleting photos do them in batches of about 100 at a time. iPhoto can baulk at trashing large numbers at one go.
You can choose which Library to open: Hold down the option (or alt) key key and launch iPhoto. From the resulting menu select 'Choose Library'
You can keep the Library on the external updated with new imports using iPhoto Library Manager
Migrating to the new machine is easy:
To move an iPhoto Library to a new machine:
Link the two Macs together: there are several ways to do this: Wireless Network,Firewire Target Disk Mode, Ethernet, or even just copy the Library to an external HD and then on to the new machine...
But however you do choose to link the two machines...
Simply copy the iPhoto Library from the Pictures Folder on the old Machine to the Pictures Folder on the new Machine.
Then launch iPhoto. That's it.
This moves photos, events, albums, books, keywords, slideshows and everything else.
And yes, PlotinusVeritas is absolutely correct, you need to back up the library on the external... to another external.