I used to be able to consolidate the media, render(cache), FC backups, in folders other than the library by clicking consolidate and selecting the folder I had reset it to. (Mostly I set those when I imported media into a new library. But if I forgot that step and starting checking out the footage or even started editing, I was able to consolidate or if I decided to move them for what ever reason such as storage location was getting too full).
Now if you click the consolidate media it says it will consolidate in library with no options; but maybe it consolidates to where you set it regardless of how they worded it?
Imacs (i7), Canon 5D Mark IV, Panasonic ENG HPX250P, Canon C300, FCP X, teach video production in L.A., Cool Light Productions, Producing series of multimedia Portraits of creative women in the production arts.