It's certainly able to be kept and it's not a particularly unwieldly amount of data for the average power user, but if I ever had to bring my music somewhere (and I mean all of it) I'd be screwed. Plus that data would take hours to copy if ever needed. I spent just an hour today dding a 64GB SD card.
I just keep my favorite albums and discographies in 320 MP3 as I know there is almost no music player on earth that will fail to play it. Then I keep that in a micro SD in my wallet, for that emergency in which you desperately need some Pink Floyd.
In a few years you’ll have it on your phone anyway!
2. Consider https://beets.io for management, it may be just the system you want. One of its features is converting you library into a lossy version while keeping your high res files in a very managed way.
These days, I can fortunately download most stuff directly from bandcamp :)