Update strings for all cmdexec Jobs
In my opinion, this is one of those operations that would definitely benefit from PowerShell.  All you'd need to do is gather the list of job steps that have your old string (in this case, your old location) and replace it with the new string (read: new location).

[System.Reflection.Assembly]::LoadWithPartialName("Microsoft.SqlServer.Smo") |
    Out-Null

$OldLocation = "&lt;YourOldLocation&gt;"
$NewLocation = "&lt;YourNewLocation&gt;"

$SqlServerName = "localhost"    # by default this will look at the local default instance
$SqlServer = New-Object Microsoft.SqlServer.Management.Smo.Server($SqlServerName)

# loop through all of the SQL Server Agent Jobs on the instance
foreach ($Job in $SqlServer.JobServer.Jobs) {

    # loop through each Job Step on the current Job
    foreach ($JobStep in $Job.JobSteps) {

        # test to see if the Job Step Command text contains your original string
        if ($JobStep.Command.Contains($OldLocation)) {
            $JobStep |
                Select-Object Parent, Name, Command

            # the below two lines would make the change to the new string and apply them
            #$JobStep.Command = $JobStep.Command.Replace($OldLocation, $NewLocation)
            #$JobStep.Alter()
        }
    }
}


NOTE:  This is sample code and should thoroughly be tested in a non-production environment.  Ensure that your previous data is backed up, and that you are positive the change is the desirable outcome.

All this code does it loops through all your jobs on a specific instance.  If the job step command contains a certain string, then it will show you what job it belongs to, the name of the step, and the command containing the string.  I have deliberately commented out the command modification lines so that the code only actually identifies which steps contain your string.

You can also narrow your search by adding additional conditional clauses to the if block.  For instance, if you just want to check CmdExec jobs, add this with an -and conditional check:

$JobStep.SubSystem -eq [Microsoft.SqlServer.Management.Smo.Agent.AgentSubSystem]::CmdExec


This is simply one way to do this.  I will stress my point again: make sure you test out this theory and execution far away from production, and ensure that you can revert changes with the necessary backup.