Should I delete my old iPhoto Library Current folder once everything is transferred to Photos Library Current?    Does this mean that all my new photos on any device can come off my Mac and ONLY be in the Photos Library which is in the cloud?

I have 2 questions about the new Photos app for Mac (I'm running 10.10.3 on my MacBook Air 1.8GHz Intel Core i5 mid 2012)):
1.Should I delete my old iPhoto Library Current folder once everything is transferred to Photos Library Current?
2. Does this mean that all my new photos on any device can come off my Mac and ONLY be in the Photos Library which is in the cloud?  That would free 59GB off my Mac and that would be very good.

1.Should I delete my old iPhoto Library Current folder once everything is transferred to Photos Library Current?
You can, but I would wait, until you have have been working with Photos for some time and are sure, that everything migrated well. There may be hidden flaws in your library and teething problems with Photos. Don't be in a hurry to abandon iPhoto completely. You may need to go back, until bugs have been fixed.  Th Photos Library does not duplicate the photos in your iPhoto Library. the media files are shared and do not need extra space: See:  Photos saves disk space by sharing images with your iPhoto or Aperture libraries - Apple Support
2. Does this mean that all my new photos on any device can come off my Mac and ONLY be in the Photos Library which is in the cloud?  That would free 59GB off my Mac and that would be very good.
If you have enough iCloud storage.  But Photos will still need space for local thumbnails on all devices.
See:  Apple - OS X - Photos Preview
Fill your library, not your device.
iCloud Photo Library can help you make the most of the space on your Mac. When you choose “Optimize Mac Storage,” all your full-resolution photos and videos are stored in iCloud in their original formats, with storage-saving versions kept on your Mac as space is needed. You can also optimize storage on your iPhone, iPad, and iPod touch, so you can access more photos and videos than ever before. You get 5GB of free storage in iCloud — and as your library grows, you have the option to choose a plan for up to 1TB.

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