This script will re-locate the files of the selected iTunes tracks from their current location to a new user-chosen folder. iTunes will be updated with each track's new location and all of each track's meta-data will be preserved. Option to remove the files from their original location. (I don't advise using this on more than an album's worth of tracks or so at a time; re-locating dozens of tracks' files to a single folder doesn't seem to make much sense to me.)
NOTE: If your "Keep iTunes Media folder organized" preference set, you will not be able to create new folders in or re-locate files within the iTunes Media folder; outside is OK.
Requires iTunes 10.0 or better.
Display, create text file listing info of dead tracks
Displays files in iTunes Media folder not in iTunes track library
Edit a selection of iTunes tracks' tags in single window
Capitalize the first letter of each word in selected track names
Locates pairs of track entries pointing to the same file
Use tag data to formulate new file name for selected tracks' files