iphoto library problems! Help Please.

Hope someone on here can put me on the right track here! OK - what I'm wanting to do is this: Transfer / copy several thousand photos on my G4 Powermac hard drive / OSX 10.3.9 - (running iphoto V.4.0.3) - to my newly bought Macbook OS Snow Leopard. I don't have iLife at present - but have copied over from the G4 Powermac the iphoto application V 4.0.3. It appears to work OK, as I've imported a few pictures recently from my camera without any problems.

However - I'm at a total loss as to how to transfer my earlier photo library to the new Macbook running Snow Leopard! I do have an external firewire hard drive. What I really need to know is is it possible? if so - just exactly what steps are involved -

I think the only way you can do this is to ignore the old library as a library, and simply copy the photo's from iPhoto onto the external drive as individual files, and then connect to the new Macbook and drag them into the new version of iPhoto there, thus creating a new library.
The reason for this is that old versions of iPhoto, especially very old ones like yours, are fairly incompatible with the current version, as it has been massively refined.