I always just used an alias or symlink to do this. Copy the folder to new location, move it to the trash, make alias of the newly copied folder and move the alias back to the original location. Couldn't be easier, and most plugins and apps will not need any pointing to new location.
Mac Shortcuts: Aliases, Symbolic Links, Hard Links - Lifewire
Oh, and the name of the alias must match the folder name, of course.