Be careful what you're doing.
In the following explanation, I refer to the "file" when I mean the computer file and the "song" when I mean the "thing" you ask iTunes to play and you then hear. In other words, when you ask iTunes to play a "song" it looks for, and uses, the "file" for that song.
If you use iTunes to make changes to a song's information - tags such as song title, artist name, album title, artwork (except .wav files) year, genre and track numbering, iTunes saves those changes to the song's file and that information travels with the file. However, tags such as the song's rating, addition to a playlist, remember playback position, skip when shuffling and start and stop times are not saved to the song's file. Instead, iTunes remembers this information. If you then start moving files about, iTunes will lose track of their location and be unable to play the song until you manually tell iTunes where that file is now located. In some cases, if you get into too much of a muddle, you may lose that latter information (rating, playlist etc.).
You need to consider these same things when playing around with the file for a song. If you move the file, or rename or delete it (or the path to it), iTunes will not find the file, so will not be able to play the song. If you use iTunes to consolidate your Library, that should be okay. Personally, I don't take the risk of mucking that process up.
Skywalker1989 wrote:
So after I move that folder to an external drive, I can replace the new iTunes folders with these older ones. Correct?
I'm not sure what "new folders" you're referring to. However, as stated, be very careful about moving files about after you've added them to your iTunes Library.
I spent a whole week inputting artist info, track title, etc back on this old iTunes version. Wasn’t fun.
In that case, are you sure that you now want to move files about? What are you hoping to achieve by now consolidating your Library or moving folders to external drives?
iTunes will happily deal with the music files you tell it about, regardless of where they are located, but only providing the files stay in the same place as they were when told iTunes about them. As a consequence, I very rarely move files about (I do move them, but only very rarely). I have had to find "lost" files. Definitely not fun.
You can ignore my recommendations, because that's what they are. However, I will point out that a more important thing to do is back up your music files, rather than spending time moving stuff around. Hard drives fail, so make at least one full copy of all your music files, onto a separate drive, preferably external to the computer. That way, even if you lose your computer and your iTunes Library and associated files, at least you still have copies of your music so that you can re-build your Library. Songs have been known to be removed from the stores we buy them from, which means you cannot simply re-download them.