Jeremy, thanks for the Ken Stone link. I read all of the articles on his page and found them highly useful (as always - I should have looked there first). The disk image solution is a bit clunky in many ways but in some ways it's more elegant than relinking hundreds of files. It begins to fall apart when you're working with proxies of R3D files and you need to reconform, but I'm sure there are ways to make it happen that I just need to learn. Thank you!
http://www.garrettgibbons.com