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 44m 30s ago
Enter text for the selected tracks' Category tag
downloaded 1h 8m 43s ago
Perform tasks on a batch of playlists; rename, delete, duplicate, merge, more
downloaded 1h 32m 10s ago
Drag-and-drop to convert audio files with iTunes
downloaded 2h 16m 25s ago
Displays files in iTunes Media folder not in iTunes track library
downloaded 2h 16m 39s ago
Convert selected tracks and export the converted files to a new folder
downloaded 2h 49m 30s ago
Remove iTunes tracks disassociated from files