IMHO One Library if the FIELD structure is the same is best to avoid duplicates.
A custom column or Tags works fine. Create Virtual Libraries (derived from standard searches), based upon your desired criteria for each
Now you hav the choice of the Full Library, or a restricted view.
One reason AGAINST: You want to maintain a solid access restriction (Age...)
This also requires that you NOT have a quick switch and The Content server also uses that list for the web based view
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