Should I create a new iTunes Library on my new iMac?

I have been using a MacPro with multiple hard drives. One such 2TB drive has been the location of my MacPro iTunes library and media files. It takes up about 1.5TB of space with all the music, video and books. I use EyeTV from Elgato to record TV shows/movies, then convert them and transfer to iTunes. I also backup my iPhone and iPad to this iTunes library. I don't use iCloud for this backup.
I then purchased a new iMac with a 3TB Fusion drive. I plan to hang on to the MacPro to use on my home network as a file server, running "headless" perhaps.I plan to continue to use it for recording TV shows/movies in EyeTV and converting the output to iTunes videos.
Now I don't know what I should do about an iTunes library on my new iMac. When I got my iMac I migrated my User over to it. However, when I open iTunes, it is asking for me to either create a new iTunes library or open an existing one.
In my mind I have these options:
1. Create a new library. Setup up iTunes Sharing. This could work for me to access my large library of music and videos. However if I start backing up my iPhone i will then have backups on both computers. I suppose I could dump or ignore the MacPro iPhone/iPad backups and just create new backups on the iMac iTunes? What about new content I want to add? EyeTV will still be adding new content to the MacPro library. My iMac has no optical drive so if I want to rip a CD/DVD I would still need to use the MacPro for this. So from that perspective, this option may work out the best. What am I missing?
2. Open the iTunes library on the MacPro and make it my iMac's iTunes library. This seems problematic. If I understand correctly, I can't open this library on both Macs at the same time as this would likley cause issues. So I'd have to make sure I close out of one Mac's iTunes before the other Mac can open iTunes. This would be a pain given that EyeTV opens it up automatically when it is converting video recordings to iTunes video. For iPhone/ipad backups, I'm not sure what would happen here. Would it still backup to the MacPro iTunes library? I suppose it would. Another concern is the the MacPro would always have to be mounted on the iMac before I could access and use the iTunes library. So this options seems potentially frought with issues? On the plus I think this would retain the star ratings and other meta data, right?
3. What about creating a new library on the iMac but then go into preferences > Advanced and selecting the iTunes media folder that is on the MacPro. This is similar to option 2 above but retains access to the existing library I have on the MacPro. However, I'd lose all my star ratings, and other meta data.
Is there another option? Which way should I go? I am guessing option 1 is the best option. If you agree, please list caveats and downsides of it. If you disagree, please let me know the best strategy I should use and why.
Thanks.

Yes. Just copy all your music to a folder on your external. Then delete the music on your computers hard drive.
It is not quite that simple. If you do that you will end up with many broken links and will have to re-create your library from scratch .  iTunes does not like it when you move or rename files or folders and doing so between drives is guaranteed to result in exclamation marks indicating you have broken the links to all your media files.
If you are content with moving the whole library to an external drive (usually the best thing for most people), try:
iTunes: How to move [or copy] your music to a new computer [or another drive] - http://support.apple.com/kb/HT4527
Quick answer if you use iTunes' default preferences settings:  Copy the entire iTunes folder (and in doing so all its subfolders and files) intact to the other drive.  Open iTunes and immediately hold down the Option (alt) key (shift on Windows), then guide it to the new location of the library.

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