Well, actually I prefer to have as much functionality as possible in a single app, as long as it provides one of the best implementations compared with dedicated tools AND stays out of the way until I need it, instead of fragmenting it between various pieces of software, that means less software to maintain and worry about. That's why I like foobar, it plays music in the systray, and it lets me do lots of things with it when it's on the front. Of course, some of the functions are still not good enough, that's why I assist the software with Mp3tag and Exact Audio Copy.
But, different approaches in software usage aside, I think it'd be quite difficult to come up with something, and free to boot. MP3 Collector is, unfortunately, shareware, just like other "collection" applications out there (I could suggest MediaMan which collects and integrates several media with external applications, but it's also commercial). I remember coming across this massive music cataloguer long ago, but can't remember its name right now.
Another option you could look at it's a media cataloguer. They're primarily used for maintaining lists of what's contained inside physical media (CDs, DVDs...), but they may as well be used for this task as some of them are pretty powerful, and can read quite some file types. Since they use the Windows shell, you can easily send your music to your music player of choice. Precisely, our own tomos and Crush, did some hard work listing practically every cataloguer out there in
this thread. I personally recommend Disk Explorer Professional, since I used it in the past and proved to be a great app. It seems to be abandoned, though.
Also, considering all the information we have in this forum, I should have take a look before suggesting anything. There's
this other thread, with more suggestions of MP3 cataloguers by other members.
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. I guess that's because of the "My Pictures" link in the Start Menu.