None of what you want to do is either possible or advisable by the means you describe.
From Mac Help: "iSync synchronizes information on your Mac computer with other devices, such as an iSync-compatible Bluetooth or USB mobile phone, or a Palm OS device. iSync compares contact, calendar, and to-do information between your computer and devices, and then updates them so that they all have the same information." Nothing from the iLife suite is synced through iSync.
Also, the size of the iTunes and iMovie Libraries would be potentially much too large to recommend Bluetooth transfer. "Keeping in sync" requires that the libraries be duplicated, a waste of some useful space.
Assuming the Macbook will only need to access the libraries while on the same network as the iMac, why not get a standalone Firewire or NAS drive (even USB would work) and relocate the libraries there? Just point each machine's instance of iTunes & iMovie to that off-machine storage location. Now they share the libraries, there's no duplication, and everything is always "in sync."
), is this possible? or do i have to use i sync and sync them using bluetooth?