iPhoto Folder Restructuring

Since I am using both iPhoto and Bridge to manage my photos (one for viewing with friends and face-tagging and one for editing) I've noticed that iPhoto's folder structuring is inconsistent. For instance, if I import some pictures under the name "XYZ" and then split that into two events, then that does NOT split the folder into two separate folders, which would make logical sense based on the way that iPhoto manages folders (i.e., a folder per event).

What I would like to do is rename "XYZ" to "ABC", which will mess up iPhoto's paths. But then I was looking for an easy way (a la iTunes) to find those pictures again in the "ABC" folder. Presumably all would be well. However, in iPhoto '09 I see no such option...

Any ideas are welcome. Thanks.