221bbs suggested only one procedure. It has two steps.
EDIT: probably you mean my first example, not 221bbs'."Find and Replace" doesn't have a filename preview. The Rename, Move, & Copy Files tool provides a preview and some other features that may make it easier and safer.
The RM&CF tool is limited to file handling - renaming, moving, copying and also changing the filename field values "virtually" (i.e. only inside the library without touching the disk files even if they are available). Of course, the Find and Replace tool is still as useful as ever for the other library fields.
EDIT 2C:\Jazz\artist\album is moved to D:\Jazz\artist\album.
It is also easy to change more than just the drive letter. For example:
From C:\Documents and Settings\[usename]\My Documents\My Music\ to D:\Music\