Why would a library of 100,000 different sequences be considered low nucleotide diversity? Those sequences will all be completely different, so I expect approximately equal distribution of 4 bases at each cycle. I actually did some trial runs already (to optimise the random mutagenesis process) with just a single plasmid as PCR template - in some cases, 95% of the sequences where exactly the same, but overall the sequencing managed to run fine (that was with 10% PhiX).
As for the tips, step 1 of course makes sense, but not sure step 2 will be a good idea in my case - leaving only unique representatives will not allow me to do any sort of quantitative analysis of each mutation. Might try either way.
What I still don't understand however, how can I easily do an alignment against 100,000 reference sequences at once?
Sounds like a classical mutation calling workflow, just use a single reference with your insert and perform mutation calling for each sample. You won't know the reference until you sequenced them anyway, right?
I will actually know the reference - the 100,000 inserts are cloned oligos with specific sequences.
Not sure I understand the other part though - as far as I understand, mutation calling works for a single reference but in my case, there will be a 100,000 short reference sequences. The whole sequencing will be done with just one sample - the full library PCRed with a single set of MiSeq adapters.