iPod Classic Album Shuffle Playlist
It will work as you expect. However, a work around for first-track-will-be-played-most when using album shuffle is to have one or more intermediate playlists that take random samples from the library, e.g., 

Library 10 000 tracks

Playlist A selects 1 000 tracks from Library by random

Now if you play from A shuffled by album the first-track-effect will disappear. Add intermediate playlist at will (e.g., if you want all tracks played less than 5 times or so)