I have my mp3 files and iTunes xml file on a network drive. When I select "Load", I get an error that says:
\QNAP\Qmultimedia\Music\Libraries\iTunes\iTunes Media\ not found!
Note that my library can be found here:
\\QNAP\Qmultimedia\Music\Libraries\iTunes\iTunes Music Library.xml
The iTunes Media folder is there - I suspect you are missing the extra \ ?
Also, I'm not sure what you'd be using the iTunes Media folder for - I don't keep music there.