Hold the option key down and you can select a new music library as iTunes opens if you really want two different iTunes-es?!? Personally I'd just create a playlist for the work songs which you could share (only listen) with others on your work network? If they need to use the songs for something else, you'd have to "pass" them the files manually though.
You could all share a "work" version of the iTunes library (stored on the network somewhere), but this will likely end in disaster, find out how
here.
iTunes isn't designed to share editable music, so I'd consider simply storing the organised music files somewhere on a work network? Then let each individual do whatever they want with a stand-alone (which others can listen to/browse) localised version of iTunes?