To recap. The current details are:
Desktop:
G:\My Media\iTunes\iTunes Media\Music\Cosmic Mojo\Zodiac Retrowired Spinmachine\01 Zodiac Attac.mp3
The .itl file is inside the iTunes parent folder.
iTunes Media Folder Location in preferences is G:\My Media\iTunes\iTunes Media\Music
Stop if I'm wrong and correct me.
Inside the Music folder is a file called .iTunes Preferences.plist. Copy it into the iTunes Media folder above if there isn't already a file with the same name. Drag the version from iTunes Media into Notepad or NotePad++. The contents will look something like this:
<?xml version="1.0" encoding="UTF-8"?>
<!DOCTYPE plist PUBLIC "-//Apple//DTD PLIST 1.0//EN" "http://www.apple.com/DTDs/PropertyList-1.0.dtd">
<plist version="1.0">
<dict>
<key>GUID</key>
<string>0FE1A7219B7699D7BA74A7BFAF9CC2C0</string>
<key>Layout Version</key>
<integer>0</integer>
</dict>
</plist>
Change the integer from 0 to 1 and save.
Open iTunes. Change the media folder from ...\iTunes\iTunes Media\Music to ...\iTunes\iTunes Media.
Turn Keep organized off and on again just to make sure, assuming you have it on in the first place.
Personally I'd then close iTunes, move the iTunes folder up one level to G:\iTunes and shift-start-iTunes to access from the new cleaner path.
tt2