Mike,
I don't think this addresses it. Here's a quick vid of what I do to keep my project files organized (also added to first post):
This is a password protected video on Vimeo PW is "vegas" (note small case "v")
Perhaps I'm just taking the long route to keep things tidy. I don't want to dump every project into the same master folder. I can't imagine keeping hundreds of projects organized effectively that way. If you know a better way, please share!