Images Settings Location - Centrally?

I'm sure this has been asked before. However, for some reason, my system always seems to hang everytime I run a forum search. Hoping for your help.

I have the current LE version. Based on my DAM workflow, all my C1 processing gets done in a "temporary" Working Files folder. After I'm done, I archive the originals and the derivatives into another folder structure (ie, Peter Krogh's method). To do this, I'd need a way to centrally store all my image settings, tags, etc a la Aperture or via separate files linked to the image file a la ACR/LR's .xmp.

Does LE have this capability? If not does, PRO? Or does it always have to stay within the individual session structure? Any workarounds?

(BTW, I like the very intuitive Session structure, but I have a legacy structure that I have to debate with.)

Thanks in advance.