Thanks for replying. I apologize I didn't notice your response. I mistakenly thought I would get an email notice when someone replied. Anyways...
I went through every step very carefully, and several times, making sure, that drive was disconnected, that time machine was off, and deleting the plist file from mac->Library->preferences->com.apple.TimeMachine.plist.
However, whenever I reconnect drive the drive and select disk's new name, the old name still comes up.
I'm guessing it's reading the name of the old drive from somewhere, but not sure from where.
Any other ideas?
One more thing to add. The com.apple.TimeMachine.plist file in step 5 is practically empty every time I check it.
/Library/Preferences/com.apple.TimeMachine.plistDelete the file
(in your top-level Library folder, not the Library folder inside your home folder,...
However, that same file under my acct->Library->Preferences has a lot of information, including the name of the old external drive.
Is it possible this is the one I need to delete?