Here's my scenario - I've seen old threads about this but no real solutions -

I have Apple TV and an iPad.
Movies were originally for AppleTV/MacMini/iPod Touch when I ripped them off the DVDs in my collection.
Formatting doesn't work on the iPad.
Ive been slowly redoing them (either re-ripping if im ambitious or just running the existing files through Handbrake with iPad settings or converting with AirVideo)
Many of the iPad compatible movies look horrible on my TV via AppleTV, hence I want to keep both "versions" of a given movie. (and Im not ambitious enough to redo the ones Ive already redone so I would like to come up with a solution other than "redo them all yet again")
As an example, I might have two copies of "Animal House" - one in a format that works best for AppleTV and one that works best for the iPad.

I am trying to come up with a way to have these separated into two separate libraries - and I get the entire option -> open one library method - but have those two libraries open in iTunes at once. That way I could view the iAnimal House on my iPad and my wife would only pick the appletv friendly one (if she ever opted to watch it!).

Alternatively, I could live with some sort of sub-folder in iTunes that I can keep the iPad movies in - one that could be pointed to from AirVideo and/or pointed to when I attach my iPad to iTunes, BUT would be a subfolder my family could ignore when browsing AppleTV.

Any such solution exist?