Move internal media to external linked media?

Using FCPX 10.1. I have a library with media stored internally. I would like to make use of the media in this library across multiple libraries/projects. Currently, in order to do that, the media has to be copied into each library that wants to reference it.

I wish I had kept the media in an external location, and linked it. That way, each library that wants to use it wouldn't need its own copy.

Is there any way to move the media from its current library to an external location, and modify the current event references so they use the external media, while keeping all my compound clips and things like that?

Anyone got any ideas? Thanks.

Dan