Wouldn't that select all
tracks in the list of the first selection, not just those in a single album?
I guess I misunderstood what was meant by "library album".
What would simplify matters is Browser view
(now called "Column Browser" in iTunes 9) set to "On Top". Then the album can be selected with one click, any song in that album with another click (or just click in the song area... the point is to shift focus for subsequent keyboard actions), and finally command-A.
EDIT: it may even be that -- once the album is selected in Browser view -- the delete key will operate on the entire album, thus eliminating the need to select its songs (but i'm not sure if that works or not).