The following instructions work IF all of your ID3 tag info is correct.
1) Load it all up into Media Monkey
For the sake of this explanation, I have my music saved in a folder called TESTMUSIC. My files are:
C:\TESTMUSIC\Pink Floyd - The Wall\01 - Put You To Sleep - Pink Floyd.mp3
C:\TESTMUSIC\Pink Floyd - The Wall\02 - Nap Time - Pink Floyd.mp3
C:\TESTMUSIC\Pink Floyd - The Wall\03 - Yawn - Pink Floyd.mp3
C:\TESTMUSIC\Pink Floyd - The Wall\frontcover.jpg
C:\TESTMUSIC\Pink Floyd - The Wall\backcover.jpg
2) Once you got the music in your Media Monkey library, highlight it all, right-click, and choose "Auto-Organize Files"
3) Up at the top, where it says "Destination:" enter the following syntax:
C:\NEWTESTMUSIC\<Artist>\<Album>\<Track#> - <Title> - <Artist>
That will move everything from TESTMUSIC to a new folder called NEWTESTMUSIC in the format that you were asking for.
I originally didn't know what you were gonna do with all the album art, but looks like Media Monkey takes care of you. It asks "I found these auxiliary files. Would you like to move them too??" and you choose yes, and it moves all the cover art and stuff to the correct respective subfolders (albums) in NEWTESTMUSIC.
Hope that makes sense.
FJ