I used to split TV shows and movies, but I now have a drive big enough for both.
I have a single 1.5TB drive attached via USB. I have a folder called "Movies" and a folder called "TV Shows." I just dump movies in there with whatever name I want (like I don't include "James Bond" in all the bond movies, but I do that for "Lord of the Rings"). For TV shows, I create folders for each show and then for each season. If you had Seinfeld, I would call the seasons "Seinfeld - Season 1", "Seinfeld - Season 2", etc. If you don't put the name in each folder, you might need to do a search and just see it's in the "Season 2" folder.
I have deleted all of my videos from my iTunes library (not the files, just the stuff from the library inside iTunes) and then used the Import feature to bring them in instead of clicking on every file and telling it where the new one is now located.
If you ripped stuff on your own, you'll probably need to tag it using MetaX. iTunes doesn't tag the actual file, which means you'll lose a lot of tag info if you don't use MetaX. I'm still working my way through that fun.