I will look into adding support for "..".
FYI, I frequently set up sites with shared hosts where I assign the media objects directory to one higher than the web application, and I can do it without "..". What I do is, after installation, I go to the Media Objects page in the Site admin area and notice the full path to the media objects directory. Then I modify it to refer to the desired directory outside the web app and specify that in the media objects path.
As noted elsewhere, there is a huge benefit to specifying the path outside the web app directory because you avoid app restarts every time an album is deleted.
Roger Martin
Creator and Lead Developer of Gallery Server Pro