Yes: read more details here: PhotoStructure | What is a “PhotoStructure library”?
Good idea, and good news: that exists! You’re looking for the originalsDir setting.
Changing this setting is a bit tricky: read the docs, the hybrid library page, and if you have questions, feel free to ask.
# +----------------+
# | originalsDir |
# +----------------+
#
# This is the directory that PhotoStructure uses to store original images when
# "copyAssetsToLibrary" is enabled. Absolute paths are supported. Relative
# paths are evaluated from your libraryDir. This setting defaults to ".",
# which is the same as your PhotoStructure library directory.
#
# If you open your PhotoStructure library on a different computer, and that
# computer doesn't have access to your originals volume, full-screen zoom
# won't work, and non-transcoded videos will not play.
#
# This system setting needs to be set appropriately on different computers (it
# won't be set automatically!)
#
# If you have a large library and want to use an SSD, we recommend you set
# your libraryDir to your SSD, and use this setting to store your originals on
# a larger volume, rather than using the "previewsDir" setting.
#
# See
# <https://forum.photostructure.com/t/hybrid-photostructure-libraries/775>.
#
# environment: "PS_ORIGINALS_DIR"
#
# originalsDir = "."