Help with iTunes library and HD location

[chicomodo]

Hey guys, let me tell you a story.

It's been sometime since the article of swapping the optical disc of macbooks to insert a SDD as a boot drive and application launcher.

I've been thinking about doing this so I bought everything that I need. But, my macbook is so old (2006, 2007) that I was unable to do it. My cd drive is IDE and not sata, so the enclosure that I bought was useless.

Long story short, I'm migrating from a 180 gb HDD to a 120 gb SSD.

I'm planning to buy a new macbook when I'm rich enough, because I love my machine as is ( dual core, 4 gb ram ). And can't imagine the power to run a better one. But it'll take some time, since I live in a country that a macbook cost almost as the double the original price.


So

Here's the question

Since I do have a smaller drive to store my music, can I keep my iTunes Library intact while I delete songs?
Here's my possible workflow.

Import everything to SSD > Delete older songs > When I want to play some songs it'll show what songs are missing and which folder > Plug in my 1tb HDD and put songs back > Play.

Can be done that way?

[Mabonzo]

I understand you have reasonably powerful computer, but depending on how many other devices you running during your set, plugin in an external may cause a little bit of lagging when loading tracks into your decks. This has happened to me before, I hope It won't be as difficult for you to figure out.