You are overthinking this
iPhoto use a library - it always opens the last used one
to use your iPhoto ibrary on an external drive
Moving the iPhoto library is safe and simple - quit iPhoto and drag the iPhoto library intact as a single entity to the external drive - depress the option key and launch iPhoto using the "select library" option to point to the new location on the external drive - fully test it and then trash the old library on the internal drive (test one more time prior to emptying the trash)
And be sure that the External drive is formatted Mac OS extended (journaled) (iPhoto does not work with drives with other formats) and that it is always available prior to launching iPhoto
And backup soon and often - having your iPhoto library on an external drive is not a backup and if you are using Time Machine you need to check and be sure that TM is backing up your external drive
If you want a second library on your local computer so you can use it when the EHD is not connected 9like on a loptop) you depress the option key, launch iPhoto and create a new library - you switch between libraries by doing an option -launch (on using the switch library command on later version of iPhoto) and move photos/albums/events between libraries using the paid version of iPhoto Library Manager - http://www.fatcatsoftware.com/iplm/ -
Never any importing involved in mananging multipl libraries
LN