How to create a meta-playlist?
You could do a whole gas factory for that in AppleScript.

You could also achieve that with folders and playlists .m3u. 

Let’s say :


One folder = one album. Inside the folder, 14 .m3u files.
One .m3u file = one playlist = one title of the album = 5 versions of the song.


And you could play the folder with VLC. However, this would not be prettily integrated in iTunes.