If this is not available through AppleScript, the best option would be to open and analyze the iTunes plint file. If you need only static information, you are golden. If you need dynamic information (for example, information about the track that is currently playing), you want to get a constant identifier trace through AppleScript, then parse the plist file and find any information you need (including a location that has a full path).
To parse this XML plist file (in ~ / Music / iTunes / iTunes Music Library.xml) you can use ruby ββor python or any other language you like. If you like python, try this library:
http://docs.python.org/library/plistlib.html
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