I think this can more or less be done, although I'll need someone else to fill in on the virtual tag formula needed.
First, update to the
latest patch, so we're both working with the same version.
You need column browser set to three vertical columns. Preferences>Layout (1), tick "Show column browser" under "Main panel", and make sure "horizontal" is selected.
You then want to right click on the column browser, and click "Set displayed columns". In this dialogue, make sure that you have on the right hand side, and in this order (top to bottom): Artist/Album Artist (whichever one you use - I'd suggest album artist if you're not already using it); an empty virtual tag (any one that you're not currently using - the lowest number would make sense); Album.
This is where I need help - I can't quite figure out the virtual tag formula, but I'm not massively experienced with them and someone more knowledgeable should be able to help (Bee-liever, redwing, psychoadept?).
Then, click the "configure layout" button to the left of the search box. Make sure "Album and tracks" view is selected (or you could use artwork - play around to see what you prefer). In this same panel, go to "Playing Track Panel" and select bottom pane.
In preferences, go to "Now playing" and make sure that under "Now playing list", you have both drop down boxes set to "Play now" and have the "'Play Now' action" set to one of the options that involves "selected tracks".
That should more or less cover what you want. The only caveat is you can't have a detailed "playing now" of the album tracks, although they will be in the "Now playing list" on the right.
Other things you can do to reduce the amount on screen (as that's what I'm assuming you want) are to hide the left sidebar (go to the "configure layout" button again and have "Left Sidebar>Hide" ticked) and remove the "Now playing panel" (go to Preferences>Layout (1) and under "Now playing panel" make sure "Left sidebar" is ticked). Also remember that the player bar can be moved around (right click on it and go to "Customise panel settings"), and all buttons can be moved into the caption bar ("configure layout" button, make sure "Tabs bar>Horizontal (Caption Bar)" is ticked).