Use the mp3 ide tags so that you can have the artist name and the song name seperate. That will work for a lcd display. What do you need the names for? what type of display? Or do you even need them for a display at all? If not then dont bother putting the whole name of artist.
If you look on the playlist part of the bottom of winamp you can add whole directories, and subdirectoris underthat. I was able to just click on my mp3 folder and get over 500 sub folders of mp3s added to the list. be warned if you have alot of mp3's (like i had 5000) it may take about 40 seconds.