Can we create/register metadata libraries through EG code/GUI ?
there is a proc metalib procedure but that seems to update tables.and we can assign meta lib by using libname statement(ex: libname test meta libraray="test1").
I don't know that PROC METALIB has the capability to create/register a SAS Library. But, you should be able to do so using Data step code and the metadata_newobj() function. I've included a link to the documentation which includes an example of creating a SAS Library object in metadata.
When it comes to managing SAS Metadata, using the Data step can be much trickier than proc metalib or proc metadata, but it also has more functionality.
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