I've noticed in the package contents of Libraries, there's a 'settings.plist' file that seems to contain the settings for the media/cache settings. It would be interesting if anyone could create an AppleScript to edit these to new folder directories.
I currently have an automator script for creating new video template folders along with a template fcp library. The last piece of the automation puzzle would be being able to automatically set the media/cache locations to the new folder instead of having to remember to do it manually everytime.
and I know, I could just store everything in the library, but that isn't an ideal solution.