Nope, doesn't work.
I mainly wanted something like in Media Library so it will ignore it and use the first letter of next word, but I wanted it to work while loading files to playlist, because I have Winamp and my music on my pendrive and for example, when I'm at school and I have some free time I plug up my pendrive and headphones to the computer, boot up my portable Winamp, add the folder from my drive that usually changes it's letter and listen to music.
So, if adv. title formatting fails, how to make a portable local library?