I need to see if I can delete the iPhoto library and free up the space on my drive.
You could delete the iPhoto Library, but it would not free much space. When Photos migrates an iPhoto Library it creates a new library that is linked to your iPhoto Library. The photos and the previews of the photos are shared by hard links. Both libraries will have originally about the same size, but the photos inside are actually only stored once. A hard linked file has the same size as the original, but is using the same blocks on the disk. You do not need additional storage for the migrated items in the Photos Library.
See these documents:
Photos saves disk space by sharing images with your iPhoto or Aperture libraries - Apple Support
Six Colors: The (hard) link between Photos and iPhoto
You will gain about 10% of storage back, when you delete the iPhoto Library - for the thumbnails and faces. But before you delete the iPhoto Library make a full backup copy of the library on an external drive. You may need it for trouble shooting later, if you should need to migrate the library again. Some migration problems can only be fixed, if you solve them in iPhoto and migrate the library again. If you have books in your iPhoto Library or calendars, that you need to finish, you will want to do that in iPhoto, because Photos has different templates and sizes.
Also, Photos cannot (yet) add locations or batch change titles. You may want to do that in iPhoto for the time being.
You need iPhoto 9.6.1 to be able to use it on MacOS X 10.10.4. If you did not yet update, see this link: Get iPhoto 9.6.1 if you didn't update before OS... | Apple Support Communities).