Break it down to different Projects.
Open main Project. (Part 1) ie all program sequences.
"Save a Copy" of Master Project first.Then ..
"Save it as" Project Part 2
then "Save as" Project Part 3
rinse and repeat if necessary.
Delete sequences out of the different Projects to suit your self - ie Project part 1 is program sequences 1 -3
Dont dump any media.
What version are you using?
Have you ever tried the Project Manager, an option from the Project menu (CS6) or File menu (CC). From there you can create a new trimmed project for every sequence, one at a time if you choose to. This way you can create your new projects for all your sequences and save them one by one to your hard drive while maintaining the footage at you external drive. And you won't need to relink anything. It's a very easy and useful feature.
Following is a screenshot of the Project Manager configured to trim only the first sequence from my main project and create a new project for it.
I am in CS6
When I tried the project manager, it is giving me crazy huge numbers at the bottom...Will the new trimmed projects actually be 40GB? and is the original project size refering to all the media that is in that project and not the project file itself? Im just a little confused on where these numbers are coming from...
The huge numbers refers to:
- Original Project Size: the size of your project alonside all the footage linked to it.
- Resulting Project Size: the size your project will have with the footage you used in the selected sequences.
As long as you keep the "Create Mew Trimmed Project" selected, it will not move or copy any of the footage. It will only generate a new Project with the footage essencial and used in the selected sequences. Then you can save this new project in the folder and with the name you'll want it to be. Also, you do not have to leave the option "Rename Media Files to Match Clip Names" since it will change the name of the files to the ones you gave them in the Project panel.
You can see an explanation of each option here: http://help.adobe.com/en_US/premierepro/cs/using/WS1c9bc5c2e465a58a91cf0b1038518aef7-7c72a .html