(Sorry, computer wouldn't let me complete my previous reply!)
The above is quite easy. Simply move your original files to their new location.
When you re-open your .vf file (it doesn't matter where that is), it will fail to find the media and give you a number of choices one of which is to search for the media and another is for you to specify where it is. Once you've pointed it at the first file you moved, it will ask if you want it to look for all project media in that new location.
The above is based on VMS6 and Vegas 7. I can't imagine 8 is any different, but then again Microsoft renamed "Add & Remove" programs in Vista for no apparent reason

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