That's what I do, but I really wish that whole folders could be moved, rather than just the files in the library. Sometimes there are subtitle or nfo files. Also, for VIDEO_TS folders of DVD rips, I only import the main IFO file. If you move that through the Rename, Move & Copy files you can get yourself into some trouble. So here's what I do:
I make sure that the Update Library Only (do not move files) [or whatever it's called] option is activated when I make the changes. Then I manually move the files in Explorer (or Midnight Commander on my media server) to the locations specified; MC then re-finds the data where it expects it and all is well. It's a real pain when you forget to select Update Library Only, or select it when you didn't mean to.