I actually tried to do this several months ago, but it really isn't feasible. There is a keystroke, Control-Option-Shift-M, which is equivalent to a double-tap and hold, but that is really meant in situations where a tap and hold brings up a menu of selections, similar to the contextual menu you get in Mac OS X with the same VoiceOver command. You can sort of move things with the keystroke, by navigating to another element and performing Control-Option-Space on the second element, but this can only be used to create folders on the Home screen, and even that doesn't work very well.
In short, don't bother trying to use the keyboard for this. You will have much better luck using the touch screen directly.
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Not really possible
I actually tried to do this several months ago, but it really isn't feasible. There is a keystroke, Control-Option-Shift-M, which is equivalent to a double-tap and hold, but that is really meant in situations where a tap and hold brings up a menu of selections, similar to the contextual menu you get in Mac OS X with the same VoiceOver command. You can sort of move things with the keystroke, by navigating to another element and performing Control-Option-Space on the second element, but this can only be used to create folders on the Home screen, and even that doesn't work very well.
In short, don't bother trying to use the keyboard for this. You will have much better luck using the touch screen directly.
I found some earlier posts
I found some earlier posts which describe how to use blue tooth keyboard to create and organize folders using a BT keyboard. The procedure works well.