In that case, you do need to have the text "Various Artists" in the album artist field. You also need to have the "compilation" flag set on for every track on the album.
I would avoid making the changes you mention in a file's properties using the file manager because at best, it will do nothing to sort out your issue and at worst, upset iTunes.
If importing from a CD, make sure that the compilation flag is turned on before you import. Click on CD Info (1.) and then turn on "compilation" (2.)

The album will go into the Compilations folder on your computer and if I recall correctly, this will cause it to be listed as a compilation in iTunes. (It has become second nature for me to do this, which is why i can't recall exactly what does what.)
To ensure that every process and every menu treats the album as a compilation, including on iPods and iPhones, after the CD has been imported to your iTunes Library, add Various Artists to the album artist field (4.) for every track on the album. As you can see in the screenshot below (using the Songs view) the album Babel is listed under compilations. It also appears on the Compilations Library, but the Songs view is easier to show you. This panel (the one with the (4.) next to album artist), is what you see when you select multiple songs on one album.

If you have imported digital files (such as MP3s), or purchased a multi-artist album from somewhere like Amazon, then after adding the songs to your Library, I advise that you check that the "Various Artists" text is in the album artist filed and that the compilation flag is on (as above, as with ones imported from CD).
- Amazon purchases usually go into their own folder and compilation albums are usually added to a sub-folder in there named either Various Artist (singular) or Various Artists (plural). I have both.
- If manually adding MP3s from another source, make sure they are put into the iTunes/Music/Compilations folder (in a sub-folder named <album title>), before adding them to your iTunes Library.
If you realise after adding to the library, that a compilation album is located in the wrong folder, it does not matter too much. Just as long as you know how to find it when copying your Library for back ups or for putting the Library onto a replacement computer in the future. Do not be tempted to move files after adding them to iTunes. It will cause iTunes to lose track of where they are stored.