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 7m 5s ago
Exports and then re-imports selected tracks' artwork
downloaded 30m 13s ago
Copy files of tracks to selected folder
downloaded 37m 32s ago
Use tag data to formulate new file name for selected tracks' files
downloaded 1h 22m 14s ago
Perform search-and-replace on text in your choice of tags
downloaded 1h 43m 16s ago
Batch-change the Album Rating for the albums of selected tracks
downloaded 2h 49m 56s ago
Copy chosen tag info from one set of tracks to a different set of tracks