Your suggestion requires that I dedicate my entire photo library to a beta app and stops all synching through itunes (photos synched through itunes will be removed)
That is unfortunately correct. If you enable iCloud Photo Library (Beta) on your mobile devices, you can no longer upload from your iPhoto Library by syncing with iTunes, and My Photo Stream will no longer stream from your Mac to your iPad or iPhone.
All photos will be stored in iCloud, as full original and edited versions.. Early this year, the new Photos,app for Mac will expected to be released. It will provide the access to iCloud Photo Library (Beta) from the Mac. Right now, you see it only on the iCloud webpage.
If you enable iCloud Photo Library (Beta) on your iPad, the iCloud webpage will change for you:
This page https://www.icloud.com will show an additional app:
And if you click the Photos.app on that page, it will take you to a page showing your photos, https://www.icloud.com/#photos
That link is dead for you, as long as you are not using iCloud Photo Library. It will show you the Moments and Albums, just like the Photos.app on the iPad or iPhone.
iCloud Photo Library lets you save space on the mobile devices, if you set the device to "optimize storage", Then the device will keep only optimized versions, and the originals are only in iCloud.