That wouldn't work. You need to understand how iTunes finds songs. Take a look at the sample below of how iTunes stores the data about a song. Notice toward the bottom is the line that starts with Location file://localhost/Volumes/AIFF. The song "What's the Matter Here" is in a folder named "In My Tribe" which is a subfolder of "10,000 Maniacs" which is stored on the drive named AIFF. It stored it there because I had that drive selected as my music folder in advanced preferences when I ripped that song. When you click on the song in your iTunes library that is where it goes to get it, and if it isn't in that exact location it can't load it.
That location is stored when you first ripped or copied the song to the library. If you move it iTunes will still look where it was. If you change the storage location in advanced preferences that only changes where it will store things in the future.
Consolidating makes a copy of everything in the library no matter where it is stored and puts it all in the location listed in advanced preferences, and that changes the location stored in the database. If I changed my music folder in advanced preferences to D:\music\itunes and then consolidated it would take everything on my AIFF drive and copy it to the new folder and that line in the database would change to
D:/music/itunes/10,000%20ManiacsIn%20My%20Tribe01%20What's%20the%20Matter%20Here_.aif.
It would play it from the D: drive but the copy on AIFF would still be there.
You can also update the location stored in the database after moving when you select the song to play. iTunes will say it can't find it and you can browse to it to update the location. This is very tedious for a big library and it is easier just to erase the library and reload it, but you also loose things like play lists, ratings, and other metadata.
Track ID 9411
Name What's the Matter Here?
Artist 10,000 Maniacs
Album In My Tribe
Genre Rock
Kind AIFF audio file
Size 51483898
Total Time 291066
Track Number 1
Track Count 12
Year 1987
Date Modified 2009-10-01T01:13:41Z
Date Added 2009-11-29T02:10:31Z
Bit Rate 1411
Sample Rate 44100
Artwork Count 1
Persistent ID B52BDC3F3661B448
Track Type File
File Type 1095321158
Location file://localhost/Volumes/AIFF/10,000%20Maniacs/In%20My%20Tribe/01%20What's%20the%20Matter%20Here_.aif
File Folder Count -1
Library Folder Count -1
That location is stored when you first ripped or copied the song to the library. If you move it iTunes will still look where it was. If you change the storage location in advanced preferences that only changes where it will store things in the future.
Consolidating makes a copy of everything in the library no matter where it is stored and puts it all in the location listed in advanced preferences, and that changes the location stored in the database. If I changed my music folder in advanced preferences to D:\music\itunes and then consolidated it would take everything on my AIFF drive and copy it to the new folder and that line in the database would change to
D:/music/itunes/10,000%20ManiacsIn%20My%20Tribe01%20What's%20the%20Matter%20Here_.aif.
It would play it from the D: drive but the copy on AIFF would still be there.
You can also update the location stored in the database after moving when you select the song to play. iTunes will say it can't find it and you can browse to it to update the location. This is very tedious for a big library and it is easier just to erase the library and reload it, but you also loose things like play lists, ratings, and other metadata.
Track ID 9411
Name What's the Matter Here?
Artist 10,000 Maniacs
Album In My Tribe
Genre Rock
Kind AIFF audio file
Size 51483898
Total Time 291066
Track Number 1
Track Count 12
Year 1987
Date Modified 2009-10-01T01:13:41Z
Date Added 2009-11-29T02:10:31Z
Bit Rate 1411
Sample Rate 44100
Artwork Count 1
Persistent ID B52BDC3F3661B448
Track Type File
File Type 1095321158
Location file://localhost/Volumes/AIFF/10,000%20Maniacs/In%20My%20Tribe/01%20What's%20the%20Matter%20Here_.aif
File Folder Count -1
Library Folder Count -1