Originally Posted By: Dignan
The only thing I'm worried about at this point is whether both instances of iTunes can be open at the same time, and what would happen if I added music using either machine with both open. Fortunately there's never a reason that needs to happen, but it might accidentally if one of us forgets to close it on our computer.

Do both computers upload/install new tracks? If not, how about setting one to access the share read-only? iTunes might choke on that, but it's worth trying.
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Bitt Faulk