I have a few artists that have a habit of putting the same track on many of their albums, as a result I have copies of a large number of tracks in my library. Is it possible to have a single copy of these tracks, that is constituent to all of the albums it is supposed to be a member of?
Yes, In theory. For most formats any field can be a multivalue field*. Including %album%.
However, the reason I say in theory is because there's no real way to associate the correct %tracknumber% or %discnumber% value with the correct album. So it's not really going to be useful for most people. Also, it's going to be noninteroperable with most other software.
*Note: To get the fb2k properties dialog to treat any field as multivalue, you have to add FIELDNAME to the string in: Preferences->Advanced->Display->Properties dialog.
First of all: IMHO, deleting duplicate tracks isn't worth it. They could be different versions or masterings or sound different, blah blah blah, and all for sudden you could delete the wrong file. Besides it looks like you want to keep the track reference, so you can look forward to saving the disk cost of ... uh ... not much. (A 4TB drive takes more than a year of music, losslessly stored 16/44.1). Of course the cost incurs when the disk is full, but to me that should at least discipline me to buy a new drive, those do not last forever. (Downside: since I find myself unable to actually throw away the old ones, I need to mark them clearly with date-for-backup. And 4TB will last forever ... at least for only music.)
That said, there is one way that is easy in principle, but requires a bit of work, and is fragile to everything that can go wrong: Work with cuesheets, keep album info in the cuesheet and not in the files, and manually edit the cuesheet of album X to point at album Y for the track in question.
If you are that masochistic. Don't say you weren't warned ...