Yes, I have this folder structure:
c:\Program Files\rFactor\Plugins\TVSTYLE\NEW_F1_LIKE
c:\Program Files\rFactor\Plugins\TVSTYLE\OLD_F1_LIKE
c:\Program Files\rFactor\Plugins\TVSTYLE\TEST
On c:\Program Files\rFactor\Plugins\TVSTYLE\ folder also appears files with .tv extension corresponding to Mod Selector.