For existing folders, you'll have to rename them and reimport the files into MC, or use the RMCF tool to do the renaming which is safer and avoids having to reimport.
For new rips (assuming you're ripping with MC), you can try changing the Folder Rule in Settings-> File Location -> Audio (CDRips) -> Folder Rule. The default is "[Artist]\[Album]" ... assuming this supports Expressions (I didn't test), you can try changing it to:
[Artist]\trim(replace([Album],.,/ ))
This replaces all dots with spaces and then removes any leading/trailing spaces.