iTunes - moving and relocating files

I recently installed a new harddrive into my 'puter because my old warehouse drive is getting, well, old. As a result, I now get little exclamation points next to nearly all the songs in my playlists in iTunes.

Is there a way to relocate the whole batch without going in and locating each one individually? I know I could “consolidate”, but that would only put those songs back into the main library, not my old play lists, correct?

Check out iLounge for your iPod/iTunes questions. They have a post about moving your music to a new disk: