So I have recently done this and moved my 900GB (90,000 photos and videos) library to an external 2TB SSD drive.
For those of you considering it, I must say, it is a bit of a heart-pounding experience. I have spent hundreds of hours organizing my photos, making albums and tagging faces and it would be devastating to lose or damage my library. Hopefully this might ease your fears a little.
Duplicating the photos file is easy and it only took a couple of hours to copy from 1 SSD to the other. Normal HD times could be a lot longer.
The nerve wracking parts are re-syncing to iCloud when you make the new library, your "System Library".
Even after consolidating my library, I still got the "not all items have downloaded do you want to delete" message. A good tip I saw on another website was to select all the photos before selecting consolidate. Since my photos have always been stored on my mac (in my photos library) and I have migrated a libraries a few times before with no loss, I felt confident it wasn't anything important (and of course I have multiple backups).
Once that is done, then the real pain starts. Currently I am 26 hours into "uploading" my photos to my iCloud Photo Library and I am only through 20,000 items. Looks like this will take at least 4 more days. I'm leery of quitting photos and letting it only run at night because the last time I did that it started the process all over.
Good news is, it doesn't seem to be actually uploading photos, but just comparing to the files already stored in iCloud. It says I have uploaded 290 GB (out of 880) already, but a quick check of activity monitor and my Comcast bandwidth tells me that it is actually much less (maybe 20GB). Apple should really work on the messaging around things like that. At least this means I will not be going over my Comcast bandwidth limit. :-)
Finally for reference and times, I have 20M Upload and 125M Download speeds (Comcast is overdelivering on their Extreme 105 plan). I don't think the bandwidth really matters though. It seems more processor related. I have a late 2013 Quad Core 2.6 i7 and 16gigs of RAM. Currently, I am only using 5.6% of my processor so that tells me this whole thing could go a lot faster if there was an option to let Photos use more processing during this file compare. Now I'm just ticking away the hours.