Mybook live music streaming on OSX 10.8


I am searching for a solution to wirelessly play my 600gb music collection through iTunes (version 10.63 at the moment) on an external drive so that the mp3 files aren’t on my macbook pro. Would the mybook live 3TB personal storage work to do this? I have just come across a lot of complaints that iTunes isn’t working this way, and have never set up a NAS drive before. 

If it’s working reliably this way, I will buy one. Or if there is a better solution for me, I would appreciate any help.