I did that for a while, but stopped as occasionally iTunes would loose the library link and reset to the default location on the Mac. In addition, like this I have 2 copies of the library (i.e. backups) - in fact I have three as TimeMachine keeps it too.

Video Sources: Cheap Samsung BluRay, Xbox One, Virgin TiVo HD
Audio source: Hifiberry DIGI on Raspberry pi running
max2play.
Music server: MacMini '06 running iTunes library
Output (3.0): G61R, HDmax421, DSP5000, DSP33C and Samsung 29in LCD