Local backup of iCloud Photo Library
Solution 1:
@Elliott: Do you have the option of creating regular backups of your external disks? If so, you could symlink your photo library to the external source, backup that source however often you like, all the while using your full res photos instead of the low res versions. The photos would not be stored on your Mac hard drive (thus freeing up that space), but would be stored on backed-up external drives instead.
I've successfully done this before using both iPhoto and iTunes (among other things), and now regularly move all my important things to external drives for safe keeping. Backups of your backups is key, but drive space is cheap!
Let me know if I can be of further assistance.
Solution 2:
Unfortunately, no, not for now. There is currently not an Apple way to do this.
Indeed, there can be at most one photo library connected to the iCloud Photo Library under each Mac user account. And that is simply called the system library. Hence, I believe the way you are doing it is the most feasible one. And this is also true for iTunes.
Apple just assumes that
They are a mass market brand whose customers purchase simple, intuitive, reliable and secure products. And the majority of their customers find the solution Apple provides is the easiest to get things sorted out. Therefore, they do not provide iCloud Photo Library access to third-party applications or services, like the way others do.
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When you purchase any Apple product, you have your potential future storage needs clear in mind when selecting the storage configuration (as they are constantly notifying you on their website):
Please note that the storage is built into the computer, so if you think you’ll need additional storage capacity in the future, it’s important to upgrade at the time of purchase. (Mac)
Their popular iCloud service is unlikely to be compromised. But they do suggest users to back up everything.