I have 6 folders, called #-C, D-G, etc. to split up the files for easier access. If I have all the songs from an album, I have a folder in one of those 6 folders called "[Artist] - [Year] - [Album Title]". In that folder, I have the files labeled "[Artist] - [Track Number] - [Title].mp3". If I don't have all the songs from an album, I have them in one of those 6 directories and labeled as "[Artist] - [Title].mp3"
All my ID3 tags are [Artist] - [Title], though. If I want to listen to a specific album, I just open the folder and create a new playlist in Winamp with those files.