Yes, you can. When PrPro find missing media file in a project, you will be prompt to browse your computer so as to find new file location, skip or make footage offline.
Thank you. Here is something interesting. I initially read the media from another computer, so I copied that folder to the current computer, renamed it to make sure Premier Pro didn't reference it. When I opened the project, there were no messages and it loaded fine, so apparently if the objects only needed to be in the same folder as the project.
Not sure I follow you... Media files don't need to be in the same folder as the project. And yes, if you store media files in the same folder as the project file, PrPro won't ask for missing media files after moving or renaming this folder, since there is no any missing path.
I know they don't need to be in the same folder as the project file. I just didn't know Adobe Pro would look there. It is good to know that.