I may have misunderstood the question, but if you import an album using iTunes you will have all the tracks in your iTunes library. Now, you can simply select the tracks and choose "new playlist from selection" and you get the whole album as a playlist. But if you've already got a track in your library, you could, I think, make up a playlist using the existing track(s) and the new tracks and give the playlist the name of the new album - and delete the unnecessary copies of the songs you already had.
When you updated your iPod the song(s) would appear in both the playlists even though you only had one copy of each song. But the song would "officially" only be part of one album - I don't think iTunes (or any other software) could dynamically change the name of the album the song comes from to match the playlist.