Hello! I know that this post is 4 years old but I've been trying to fix this exact issue - and finally found the answer so thought I'd come back to some of the threads I read to answer it and hopefully help some of you out that have the same problem!
In order to reconfigure offline files to point to the new server path, you can utilise a Microsoft tool called the "Client-Side Caching Command-Line Options command-line tool" (catchey name!). Or CSCCMD
CSCCMD.exe is available in the Windows Server 2003 Resource Kit which is on the 2k3 installation disc, or can be downloaded here:http://www.petri.co.il/download_windows_2003_reskit_tools.htm
Once downloaded, run the RStools.exe to install it on the PC on which you wich to change the offline files path. By default this installs to c:\program files\windows resource kits\tools.
Now go to command prompt and go to that directory by typing:
cd\program files\windows resource kits\tools
now you can utilise the tool to change the offline files path. Type:
csccmd /moveshare:\\oldpath\oldsharename \\newpath\newsharename
Obviously replace oldpath\oldsharename with the relevant details and likewise with newpath\newsharename.
THats it! Problem solved! You might need to reboot, but when you next synch you will point to the right place.
Hope this helps