You can drag selected tracks from Mp3tag listview to an existing folder into explorer application.
This will move the files in the file system. Copy files might also be done with pressed Ctrl key when dragging. These file copy and move options are also available within the track's context menu.
I am not aware that Mp3tag can create link files in the file system respectively can give order to the operating system to create some. This can be done from within Windows Explorer application or by other file utility applications.
The idea behind your request, when realized in programming code, would be a nice feature for Mp3tag with enormous potential for creating and structuring user dependend "virtual" catalogs directly on disk by simply using the filesystem as the basic database.
DD.20100913.1142.CEST