1. not sure about relative paths. it's a new feature in 1.0, which was just released a few weeks ago actually. i do use a portable install, but only so i can keep foobar on a different internal drive to keep it from being wiped when i reinstall windows. i actually do this with most of the apps i use...
2. it sounds like you need Quick Tagger
Quote:
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Adds customizable context menu commands for quickly setting tag fields to preconfigured values (for rating and such). Can be used to bind keyboard shortcuts to quick simple tag modifications.
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foobar2000: Components Repository - Quick Tagger
i use it mostly for ratings. i have bound CTRL+[1-5] as a global hotkey so i can rate the currently playing track no matter what i'm doing on my computer.