Rip to folder with first letter album artist name?

Hi All,

WMP10, Windows XP SP2

I'd like to follow generally accepted advise to store my music files in
directories by first letter of the artist. (This speeds up browsing the
files directly when necessary).

Is there a way to tell SMP to rip to a path like that? For example, I'd like
my ripped music directory to look like this:

/music/e/eminem
/music/p/price
/music/q/queen

Right now, I just have to rip to
/music/eminem
and then manually move the /eminem folder under e

BTW -- it's wonderful that WMP can still find the file and automatically
update it's path

Thanks for any ideas or pointers to plugins.

Chris in Boulder