Sounds like you're going to need to repair your OS rather than worry too much about Electrum at this stage... The "Library" directory tree is an OS level data store, rather than something specific to Electrum. Maybe this thread might help?
https://discussions.apple.com/message/18731776#18731776It's for "Snow Leopard" rather than the new OS versions, but I would expect you should be able to do something similar (ie. "Repair OS")
For the record, to create a new wallet in Electrum, you just need to use the "File -> New\Restore" option!