I wouldn't even go so far as that. Here's how to keep a nice single library and use it between accounts:
Move the "iTunes" that contains all the music to somewhere that both accounts can access, an external drive for example.
If you copied the folder then I recommend removing the "iTunes" folder from your profile but you will also need to remove the folder from the other account as well, just don't remove it from the shared location.
- Ensure you are in the Music folder under your profile
- Also open the shared area where you copied your "iTunes" folder to
- Command Option Drag the iTunes folder to your Music directory on your profile to create an alias to the shared location
- Repeat for the other account
The beauty of this is that one library only exists and no preferences need to be set because all iTunes looks for by default is a directory called "iTunes" in the "Music" directory under your profile. An alias provides a link that iTunes will happily follow. Any music, games, podcasts, movies, playlists, etc will all be usable by each account at the same time even.