After iTunes is settled into using this new library (The process is about half way completed now.) I need to add the songs from the Macbook iTunes default storage location to the iTunes library. This is to make sure I have copies of all the music I have purchased from the iTunes Store using the Macbook. So in effect adding these songs from the old storage location the default iTunes folder on the Macbook will copy any songs from the Macbook not already on the storage drive. I will also add the default iTunes storage folder on the Macbook to the eMac's iTunes library.
The last step will be to reload the iPod with a good selection of the whole iTunes library. I will also resubscribe to some Podcasts I have previously deleted. I have almost 120 GB of storage on the network drive. So the present model of iPod Classic would work fine but for now I have an 8 GB Nano.