How can I store my iPhoto Library and iTunes library in Lion Server (Mini) and access it via my MBP?

Question

My iPhoto and iTunes library is taking up most of the space in my 128GB SSD MBP.

I'm considering to buy a mac mini to store all of my media for iPhoto and iTunes libraries and sync a few of my favourite playlists/events to my MBP.

Is this possible? If not, is it better to just buy a 'Little Big Disk' and store everything there and back it up via my Time capsule(can this be done too?)?