It is not the easiest thing to do, but it is possible.
Please make a backup copy of the project file before attempting brain surgery.
An imovie project file (with extension .rcproject) is a package. Right click on your Project file in the Movies/iMovie Projects folder. Select Show Package Contents.
There should be a text file in there called Project.
It will be in hexadecimal, so you need a hex-capable text editor to read it.
I would suggest BBEdit (best but $$$) or PListEditPro (free from Apple).
In this file, you may be able to see the paths and filenames for the clips used in the project.
This is where iMovie expects to find the clips.
The least risky thing to do is to move them to where iMovie thinks they should be, with the right names. However, this may impact iPhoto if you are changing the iPhoto library without telling iPHoto.
So, alternatively, you could edit the file with the new paths and or file names.