The Media Manager is specifically designed for this task. Since its a tad buggy, make sure you don't choose the "move" options in the MM, instead do a copy. Here's a link to an article at kenstone.net that details this solution: [
www.kenstone.net]
Make sure you choose to select everything in the Browser before choosing the media manager. In MM, choose Copy > do not check box for delete unused media > and make sure you choose to copy the project. Once the copy is complete and its verified, you can delete the original media files and project on the original drives. When you first open the new project that's been copied, do not move the file to another location before opening it- or the media files will be offline. After the project is opened once from the copied location, the project can be re-saved wherever you want and the media will stay connected.
Andrew Balis
Lead Final Cut Pro Instructor
www.moviola.com