If the Assets are in the same exact location, where PrPro last saw them, the relinking should be pretty automatic. If they are in a different location, but with the same folder structure, it is then semi-automatic, in that you will just have to point PrPro to the first, and all others in that folder will be relinked. You may have to repeat for each folder.
If they are not in the same folder structure, you should still be able to use the Find function and do it for each new folder, provided that you do NOT choose to Offline Media and then Save over the Project file. Then, the manual relinking from the Project panel is the only course of action.
For your particular file, AVI [Uncompressed], should not be a File Type issue. That would point to corruption. I would definitely gather your copy of that Asset, place it in a separate folder (this is for safety) and then manually relink to it.
If you still have an issue, i.e. that error, next step would be to clean the Media Cache, and try again. This WILL result in re-Conforming and PEK file generation. Be very patient and wait for the last little "blue bar" in the lower-right of the screen to disappear. I'd just go get coffee, until it finishes.
Good luck, and I hope that if the original is corrupt, the copy will NOT be,
I want to make sure that I understand what you're saying and do this correctly. So I will get my backup copy of the AVI and put it in a different folder other than the folder that the corrupted AVI is in. Next I will try to re-link to the other (hopefully good) copy of the AVI. Then if that does not work I will delete all the files in my media cache folder and re-open the project so that premiere recreates the PEK files.
Is this correct?
That sounds correct. I would copy the "good" (hopefully) .AVI to a sub-folder, below the folder where the "corrupt" one is now located, and then use Re-Link Media from the Project Panel to the "good" one. Test.
If that does not work, then I'd just Exit, without doing a Save (you could do a Save_As), and clean the Media Cache. Open the original (still Linked to the corrupt AVI), and repeat the above process of Re-Linking.
Hope that you can get it sorted,