You can turn this kind of relative path into an m3u playlist by simply adding the following line to the top of the file (and giving it a .m3u extension).
  
    #EXTM3U

[More information on wikipedia][1].

For reference, this is the first few lines of the new file.

    #EXTM3U
    
    ./Plain White T's/Every Second Counts/13 - Hey There Delilah.flac
    ./The Police/Every Breath You Take- The Singles/07 - Every Little Thing She Does Is  Magic.flac
    ./The Police/Every Breath You Take- The Singles/10 - Every Breath You Take.flac
    ./The Police/Every Breath You Take- The Singles/11 - King Of Pain.flac
    ./Roger Waters/Amused to Death/11 - Watching TV.flac


For future reference, here's something you could run from the command line to generate playlists with tags that look like "rating=1" or something similar. 

    for i in {1..5}; do printf "#EXTM3U\n" > ${i}star.m3u; find . -type f -exec grep -i -l --text "rating.$i" '{}' \; >> ${i}star.m3u; done

  [1]: https://en.wikipedia.org/wiki/M3U