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 32m 18s ago
Title Cap various track tags, featuring editable exceptions lists
downloaded 43m 23s ago
Append user-entered text to beginning or ending of selected tag of each selected track
downloaded 45m 4s ago
Renumber playlist tracks to play order
downloaded 48m 45s ago
Renumber order of selected tracks
downloaded 1h 5m 42s ago
Convert selected tracks and export the converted files to a new folder
downloaded 1h 11m 52s ago
Removes leading and trailing space characters from chosen tags in selected tracks