Using iTunes Match with an external hard drive

Hello.

Over the years, my iTunes library has got rather large. Now, I'm about to buy a new MacBook Pro with a smaller SSD than my current hard drive, so in order to make best use of the space, I'm going to move my iTunes library to an external drive.

The plan is to have this drive connected to my home braodband router, and available wirelssly on ymhome network. That means whenever I'm at home, my library will be available to me, and I can sync whatever I like to my iOS devices etc.

When I'm on the move, I'd like to have access to my music, so I have subscribed to iTunes Match which is working well. My iPhone and iPad stream my music no problem.

My question is about how this will work on my new computer. The ideal situation for me would be that when I am at home with my external drive accessible via my home network, that I can play my media content locally within iTunes. When the drive is not connected (because it is off, or I am away from home) will the computer realise the music library is unavailable, and allow me to stream via iTunes Match?

Will this setup confuse the use of iTunes Match on my computer when I'm away from home?

Any advice on how to best set this up would be appreciated!