Yeah, and you'll probably need to buy at least one terabyte of storage somewhere to comfortably allow for future expansion. As far as how long it takes, you could set it and forget it - start the upload on a computer you're not using say, on a weekend off and just let the cloud do its thing. I'm not sure what your connection speed is but that as much as anything will determine how long it takes.

Good luck with whatever you decide to do.