Well, the short answer is 'NO' - the native iPad Photo App is pretty limited; I have a number of different albums in mine, including the 'Camera Roll', imported albums (from my CCK using the SD card in my digital camera), and those sync by my computer. But once these images are in the Photo App, reorganization is not a possibility. Of course, there are many other apps that might help - I use
Photo-Sort - not completely happy w/ the program but can sort images for you. Hopefully, the iOS 5 upgrade will address some of the limitations of the native program?
So, at the moment you can import photos from the CCK which will put the collection into an 'import' folder (which you cannot rename as far as I know) using the iPad or you can put your images on a computer and organize them into folders (or subfolders), applying the labels you want, and then sync them back to the iPad. If other options exist, I'll look forward to further posts - good luck!