Given the size of your photo Library, I strongly urge you to re-think your decision and pay for the extra iCloud capacity.
I've done that (50GB) but now have two new issues as I thought, given all that capacity, I should link my iPhone and my iPad to iCloud.
First the iPad. I tried to turn on iCloud Photo Library and got a dialogue box that cautions:
“Photos synced from iTunes will be removed. Syncing photos via iTunes is not supported when iCloud Photo Library is turned on. 203 photos will be removed.”
Synched from iTunes? I haven't a clue what that means. I don't even know which the 203 photos would be.