Final Cut Pro X :: Sharing Library On Two Machines / Two Hard Drives?

On Final Cut Pro 7, I would have my computer with an external hard drive with footage and I would edit on that. I would then email the small project file to a co-editor who would pick up where I left off. It was a very fast baton pass because he had his own computer with a clone of my external hard drive with the footage. We would pass the baton back and forth all the time. 

I am trying to figure out how I can do this in Final Cut Pro X. I understand you can transfer/copy the library, but that would involve copying 100s of GBs at a time. Possibly TBs. And please note that I'm not just looking to copy sequences alone (or "projects" as they're now called in FCP X). In FCP7, the project file would contain all organization, labeling, tagging, etc of all clips, as well as all sequences. 

Is there a way two pass the baton in the way I am looking for? This is imperative to my workflow.