If you want to allow your shell-enabled users, or someone using WinSCP or FileZilla, to get to an ibay without typing the full /home/e-smith/files/ibays/FOOBAY/files bit, you can establish a symbolic link.
To make the ibay FOOBAY available as /FOOBAY:
ln -s /home/e-smith/files/ibays/FOOBAY/files /FOOBAY
/FOOBAY can then be used wherever you or the user would otherwise need to type the entire path.