In LT 2009, it's not necessarily obvious to how to change the saved path of an external reference. As you see in the screenshot below, the "Saved Path" field is grayed out -- you can't type in that field.
What you can do, though, is change the "Found At" path. When you save that path, it becomes the new Saved Path.
But wait, you say -- there's no "save" button. Nope, but that's not a problem. All you have to do is press Enter after you finish editing the "found" path, and it saves it for you.

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