separate updated projects from library & convert managed media to external

I have roughly 40 events that were converted from FCP7 files that I converted into the new library structure. I didn't realize the corners I was painting myself into when I did it. I would like to somehow make the media external again as it is 1.8TB and then put the updated projects in their own library so it is easier to move between workstations.

Does anyone have any suggestions on how to accomplish this? I still have the old events folders & media.

Thanks in advance.

The consolidate library function lets you move the media out of the library to whatever external location you want.