Maybe I'm not understanding this, but...
There is a default "Personal Folders" that is the "Local Folders" (PST file) that you can setup any way you want. You can also add more PST files for Local storage if you so choose.
You can create folders, sub-folders, etc. for your preferred "Folder Tree", and it can be independent of email accounts.
I've never used a "Library of folders" within Outlook, so I'm not sure how that works.
It may be that OE and TB are easier for you, but when I tried those they did not offer the same functionality as Outlook.
It may be that I have used Outlook for so long I am just use to it, and prefer it for that reason.