Using ITunes/Ipod with SSD

I have a new haswell iMac with an SSD, so space is limited. I want to figure out a way to put all my itunes media onto an external drive and always have itunes reference that drive. I cannot upgrade to the latest iTunes because I am not on Maverick. I use software from AVID which has not yet approved the latest OS.

I just bought an album on iTunes and I can't get it onto my ipod. Is there a way to do this? THank you