"As I'm now accessing it from P5 can I create folders to put the various textures, MATS in so that I can navigate more easily through them?" No problem there, as long as you DON'T want access them via P4 again, as P4 doesn't access sub folders unless you have PBoost.

The supreme irony of life is that hardly anyone gets out of it alive.
Robert A. Heinlein

11th Gen Intel(R) Core(TM) i9-11900K @ 3.50GHz   3.50 GHz
64.0 GB (63.9 GB usable)
Geforce RTX 3060 12 GB
Windows 11 Pro