I'm exciting to try this, could you just tell me how to "Import the cover art files from the current cover art folder into this new library" ?
I am not sure what exactly you would like to know.
In general, the default cover art naming rule has been
Artist - Album.jpg. MC tries to find a cover art file named like that from the defined cover art folder. If an album has more than one artists MC uses
(Multiple Artists) - Album.jpg. A newer option is to use the universal
Folder.jpg name for all images, but naturally that can be used only if the images are in the music file folders (one image in each album folder). I prefer to use
Artist - Album.jpg in the album folder (next to file), which is the third available option. Besides using a predefined option you can manually link images without file naming or location restrictions.
If you are using local audio files on the second PC (not networked), an easy way to duplicate a library including the cover art links would be to restore a library backup zip file from the first PC on the second PC. Just make sure that you have copied the audio files and the cover art files to identical folders first.
If you have questions about the procedure I explained in the thread Jim mentioned please ask in that thread.