Yes.
I have a rather large collection also, so what i did was to install the collection on an external hdd.
On your new hdd make a folder (mines called "music")
Now open you old music folder & move the whole folder to new hdd.
Now open media player under rip tab, right click, then more options,change location that ripped music is stored.
Now in library, right click, then more options, monitor folders, advanced options (add the folder where the music is now stored & remove the folder where the music was stored) THEN CLICK OK allow it to search for the music.
You may end up with two entries for every song in the library but only one will play and the other will delete automatically when you try to play it.
Don't forget to change the location that your music downloader stores it's music to, ie: from old to new folder
I hope this helps