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 4m 23s ago
Applet assists with swapping, copying, appending data between track tags
downloaded 15m 46s ago
Copy currently playing or selected track's fellow Album tracks to a new Playlist
downloaded 26m 54s ago
Exports and then re-imports selected tracks' artwork
downloaded 29m 37s ago
Gather audio tracks whose files contain no artwork metadata
downloaded 32m 48s ago
Displays files in iTunes Media folder not in iTunes track library
downloaded 59m 27s ago
Append user-entered text to beginning or ending of selected tag of each selected track