Portable Home Directory and subset of iTunes, Aperture Libraries

I'm new to OS X Server and am looking to install it on a mac mini that serves as my home file server with an attached 2TB RAID. The main reason I am considering OS X Server 10.5 is that I want to be able to use the Portable Home Directory feature to make life easier with keeping things in sync with my Laptop (running 10.5). Part of the reason I have the home file-server setup is because my iTunes and Aperture Libraries are too large for me to lug around on my laptop. If I use PHDs will I still be able to keep a subset of my Library on my laptop while the entirety of it lives on the server?