If you want to put the library on a disk image, I'd start with a large one; Photos Libraries will grow quickly, or you will run out of storage too quickly. It is hard to tell how much you can save by optimizing storage. It will depend on the size of the image files and videos.
(I'm considering using a 40GB disk image)
Why the disk image? Do you want to store the library on an external drive with an unsupported file system? You will have to ensure that the disk image will be mounted, as soon as you log into your account. And the library must not be on a NAS, or the network access might damage the library.
This is documented in: Sharing photo libraries among multiple users - Apple Support
Connect an external USB, FireWire, or Thunderbolt drive which has enough free space to contain the library.
Be sure to choose a locally mounted drive. Storing your library on a network share can lead to poor performance, data corruption, or data loss.
See: Where is it safe to store a Photos Library? Requirements for the external drive