Although you might have to modify this for aritsts with commas in their name, like "Blood, Sweat, and Tears".
As long as you're confident that you don't have artists that both begin with The AND have a comma in them, you can use this:
$If($Left(<Album Artist>,3)="The",$RSplit($Sort(<Album Artist>),",",2),<Album Artist>)
If you're not sure of that, or have other special cases to deal with, you might need to take advantage of the Sort Album Artist field.
This is the virtual tag I use for grouping in the library and folder names on the computer (I split from the left rather than the right, but otherwise it uses the same formula to get rid of "The"):
$If($Or(<Album Artist>="[Compilation]",<Genre>="TV Clip"),$Split(<Sort Artist>,",",1),$If(<Album Artist>=<Sort Album Artist>,<Album Artist>,$Split(<Sort Album Artist>,",",1)))