No, the music player in X-Plore doesn't have any functions, it will just play the file. You can't set it to loop/repeat. The S60 player, however, does work fine in loop/repeat single mode, I just tested it for you; play a file and turn repeat on - it will repeat the song even though you're playing in an album, after exiting and re-opening music player it will still have the Repeat bit checked.
I had to suck it up, I made a copy of my media library on a separate drive and ran about 12GB through MediaMonkey and it turned out fine. A few files got tagged incorrectly here and there but I just fixed them manually and then transferred it to my E71.