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 later.
Perhaps Also of Interest...
downloaded 5m 49s ago
Continuously display playlists containing selected/playing track(s)
downloaded 7m 34s ago
Locates pairs of track entries pointing to the same file
downloaded 8m 37s ago
Gather audio tracks whose files contain no artwork metadata
downloaded 17m 24s ago
Restore each selected track's artwork from an image file stored in its Album folder
downloaded 21m 48s ago
Remove iTunes tracks disassociated from files
downloaded 22m 34s ago
Exports and then re-imports selected tracks' artwork