Yeah Home Folder should be enough unless you want to save precious spaces, you could just take some of the important files in Library to other Hard Drive instead of entire Library folder. Here's what I save from Library folder:
Application Support
Calendars
Fonts
Mail
Preferences
Safari
Screen Savers
Spelling
StickiesDatabase
If you have lot of important datas in app such as Keychains, etc, save those folders as well.