What I'd do:
1. Buy an external drive of 1tb capacity.
2. Initialize (erase) it to HFS+ with journaling enabled.
3. Copy the iTunes folder to the external drive (I would use CarbonCopyCloner to "selectively clone" that folder by excluding EVERYTHING ELSE in the CCC window).
Now you have a finder-mountable volume with an exact duplicate of your iTunes folder on it.
For a library of that size (which represents a good amount of effort to create and perhaps $$$ as well), I'd REPEAT what I just did above with a SECOND drive as well. Now you have the data backed up in TWO places should things go wrong. I'd take steps to protect this second backup from disaster (store it in a location other than where you live, or at the very least consider a small waterproof/fire-resistant lockbox to be stored in the basement).
WHY CCC is preferable for creating the backup:
CCC "will not quit" if it encounters a corrupted file during the backup process. It will just "mark" the damaged file (you can check which files won't copy later on), and will "keep on going". Thus, CCC will copy as much as it can, even if the source files aren't 100% good.
If you used the finder instead, and if the finder encounters a bad file, it will abort the entire copying process. NOT GOOD when you're trying to copy over 600gb of data!
I --WOULD NOT-- pay $25 per month for online backup, when I can do it myself.