sharing epub books between itunes and digital editions - is a common folder possible? other solution?

I want to have one single folder location for my e-books, then read them with digital editions and itunes.

- Itunes seems to requires a copy of the ebook to be "imported" either as a file or a folder which creates a copy of the file in the itunes book folder. 

- adobe digital editions seems to require books to be stored in its ...>my docuuments\digital editions folder in order for them to be recognised

I want itunes to automatically detect and import things in the digital editions folder and vice versa,  Logically this would work if they could share a folder location.  Any idea if this is possible or if there is another workaround?

I know I could try just to use one, but I want to be able to do both (itunes syncs better but digital editions is required for my noon e-reader which has a better paper-like display)

I am running windows 7 and have an ipad, all with up to date software.

Any help, much appreciated, thanks!

Kimberley