iTunes Media Folder

Is it possible to store more than one copy of my iTunes Media folder? I currently have it stored on an external hard drive that's accessed wirelessly via my AEBS. But I recently purchased a nice, smaller sized 500GB external hard drive where I'd like to store another copy of the iTunes Media folder so I can take it with me during travel, etc. (I originally had to get the iTunes data off my MacBook Pro because storage was almost full).

Is this possible? Easy? Any potential issues with doing this?

Thanks!

Sure, it is possible. You may run into having music, videos, etc. in one copy and not the other. You will want to keep them both up to date if possible.

I move libraries all over all the time and never have issues other than the one I mentioned above.

Thank you John, just what I wanted to hear.