To expand on what Nick said…
Use Event Manager X to TURN OFF EVERYTHING.
Un-check the Restart FCP button so you can activate the hiding of everything once without restarting FCP. Then check the Reactivate button for all future use.
One at a time, activate an Event and its related Projects and restart. FCPX will then find the Event and Projects and create a new Library. Rename the Library to fit the Event and Projects you collected into the Library.
Use Event Manager X to activate one Event and related Projects at a time and go through this same process. TIP: I also use this process to combine related Events and Projects so that future edits will have access to the entire pool of source material.
At the end, for now, when the update completes, it’ll ask you if you want to Trash the old Events and Projects or save them. Save for now. It doesn’t take up any additional space. The process is highly reliable and it’s likely you won’t have to go back but it gives you peace of mind. I’ve never had a problem and I’ve updated a number of Events and Projects.
You might notice that when the new FCPX creates a Library your Event And Projects folders disappear. Don’t worry about it. When you use Event Manager X to activate a new set of an Event and its related Projects it’ll recreate the proper folders for FCPX to find and update.
But, you can go back, say, because you made the wrong decision of how to combine Events and Projects for that particular Library. You’ll find the Events and Projects folders in a new folder named after the hard drive where they existed. Put those folders back into the root directory and try again.
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