Thank you very much for your answer.
First of all, I am the only one who uses this library, I have 100% control, no third party or other player that could come in the way - I don't use Windows Media Player, only iTunes.
I put the music on a NAS, some years ago, to access it from another machine using iTunes as well. This worked fine for some time. But from a certain iTunes update on, it started to not find certain songs while others would still be found.
Recently I had a bit of time and I thought the reason for the file-not-found error might be that iTunes does not like drives in the network, so I had iTunes change the library and songs to a local disk. It just didn't change the issue.
"Look on the file tab for the location that iTunes thinks the file should be", you write. That's what I did, and while the original, working path would have been before I changed it to a local disk (for example): T:\iTunes\iTunes Media\Music\Fila Brazillia\Black Market Gardening\04 Blubber Plinth 1.m4p
in the location field was the following entry: file://localhost/T:/iTunes/iTunes Media/Music/Fila Brazillia/Black Market Gardening/04 Blubber Plinth 1.m4p which is, as you say "normal for a file that isn't quite where iTunes is expecting to find it." But why didn't iTunes find those songs even if I never changed their location (until yesterday). I have no explanation to this. Even if I try to correct the path now for one song, iTunes accepts the correct path - but only for this one song and not for the rest of the disk which is stored under the same path.
Anyway, the answer to the 3 questions is
1. The location of the media folder is now: E:\iTunes Media
2. file://localhost/T:/iTunes/iTunes Media/Music/Oregon/Always, Never, And Forever/01 Beppo 1.m4a
3. E:\iTunes Media\Music\Oregon\Always, Never, And Forever\01 Beppo.m4a