The maximum allowable is 260 characters, including the path, the filename, and the extension. Your template would allow a maximum of 390 as you have each of the -three- components with a maximum of 130.
The directory name can not be shortened as Windows would not be able to find the directory. I suggest shortening the album title, the album artist, and the track title.
This is what I use to prevent long paths:
$RemoveSortWords($Left(<Album Artist>,50))\$Left(<Album>,50)\<Disc-Track#> - $Left(<Title>,50)