I don't see where you are talking about backing up data here? Maybe I am confused?
What I read is that you want to host your iTunes library on a drive connected to your AEBS...with iTunes running on your Mac Pro? Is that correct?
This will work, although there is no Time Machine involved. In order to move your iTunes data to another drive follow the steps on this webpage:
https://support.apple.com/kb/HT1449
Follow this exactly or you may not have iTunes able to recognize the new location of your files and DON'T just drag the Library to the wirelessly networked drive yourself or you will be sure to have iTunes show you a whole lot of "?" and not be able to locate anything.
And by the way, Time Machine will be able to back-up any directly- or network-connected drives. I back-up both my internal and my USB external iTunes drive to my 'Time Machine' drive.