The worst that could happen is that when you open the project it asks you where to find files. Once you point it at the first one it requires it should find the rest automatically.
Insanity is hereditary, you get it from your children
Thanks Neale! I thought that would be that easy.
I migrate Projects often via external FW-800 HDD's, with zero issues. As you mention, all Assets and sub-folders are contained within the Project's root-folder. I also assign the same drive letter for each external in the OS of each computer.