Ableton Forum

Considering doing that to big external.

Found this article.

Any possible problems in terms of past projects that have used these packs ?

Changing the installation folder for Packs
The installation folder for Packs can be changed in Live's Preferences ---> Library. Packs can be installed on an external hard drive if required.
Click "Browse" to search for the desired installation folder:
Screen_Shot_2017-12-21_at_15.34.10.png

After choosing the desired folder and clicking "Open", a dialog will pop up asking you if you wish to move existing Packs to the new location as well. If you click "No" then only subsequent Packs will be installed to the new folder, and all your existing Packs will remain at the old location. "Yes" moves everything to the new location (recommended):
Screen_Shot_2017-12-21_at_15.34.51.png

Using Third-Party Packs in Live
Any third-party packs which are not downloaded from the Ableton website are managed differently. Read our article on using Third Party Packs in Live.

Location of Packs folder
Live stores the information about the directory of the Packs folder in the Library.cfg file. You can find this file here:

Windows

C:\Users\[Username]\AppData\Roaming\Ableton\Live x.x.x\Preferences\Library.cfg

Mac
Macintosh HD/Users/[Username]/Library/Preferences/Ableton/Live x.x.x/Library.cfg

Further Reading
Check the Live Pack FAQ

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As long as the pack loads I don't see any reason past projects should have a problem. You may have a missing media thing come up but you could just simply tell the browser where the new location is and it should pretty quickly find all the files again.