Here's the idea:
Two new fields:
Artist Display
Artist Override
[Artist Display] is the new field that will hold all artist names. It will hold the regular [Artist] field for normal artists. For those that you want an alias or an "override" it will hold that value. You will display and use [Artist Display] in your Artist view(s).
[Artist Display] = FirstNotEmpty([Artist Override],[Artist])
This means that *IF* [Artist Override] has a value, then it uses it. If not, it defaults to using [Artist] instead.
So, there is data entry required. Essentially for every artist that you want to have an alias or an Override, you fill out the Artist Override field. Then [Artist Display] will automatically pick that up.
Examples:
[Artist] [Artist Overide] [Artist Display]
Miles Davis Miles Davis
Miles Davis Quintet Miles Davis Miles Davis
Miles and Friends Miles Davis Miles Davis
Pink Floyd Pink Floyd
All of this happens automatically, other than you filling out [Artist Override] where you want to. Note that you can easily fill out this filed for an entire Artist all at once, across many albums and many songs. If you have 3 variations like the original example, you only have to fill out the override twice.
I'm not sure if this is exactly what you're after, but it's a well known technique in MC to use 3 fields as I have outlined above.
Good luck,
Brian.