I have ran into this ocassionally and the easiest thing to do (ONLY IF YOU ARE COMFORTABLE HACKING THE VCX TABLES) is to locate the field that contains the original directory (prob properties) and do a:
REPLACE WITH STRTRAN(,) ALL
E.G. -- REPLACE ALL PROPERTIES WITH STRTRAN(PROPERTIES, "k:\olddir\", "c:\newdir") ALL
replaces all the network directories with local directories in this case.