I use foobar2000 which is a media software akin to iTunes but significantly more powerful and customizable. you can simply run as a portable software if you don't want to install anything (be sure to include all the optional add-on plugins during "installation").
drag your music folder into foobar2000 window
select all files
right click > file operations > move to > ...
this will give you the following window:

from here you can customize the movement using your metadata tags. note, that any mistagged stuff will get moved incorrectly obviously but if your tags are good the movement will perfect. I highly suggest you do this on some trial files to make sure the output is as you want before doing this on your entire library. you can even use the "copy to" method when doing the trial runs to be sure nothing gets messed up. when you're confident, then run this on your library and magically everything will be perfectly organized to your current metadata. updated metadata? just rerun the script and things will be moved accordingly!
hope this helps, but if you need more direction let me know.
EDIT: actually I just realized you may want to simply create a new organized directory and instead of actually moving/renaming the files you can simply create links with foobar. This creates pointers to the file so it looks like there is a copy, but really it is just a shortcut to the files that look like a copy organized by tags. this way nothing actually moves so everything is reversible. if you like it, you can then do the permanent movement.