I'm actually heading down the same path myself.

I've messed around with setting up albums as a product kits and individual songs as products. Since it appears that the product kit prices are the total of the products included I've just priced them so that they add up to the desired total. I then set the kit so that it can only be bought as a unit. It's a little clunky, but it should get the job done.

I'm looking for a good way to tag the albums and songs with artist info so that they're easily searchable