Actually, this can be done, but not an easy and straightforward process, and it's quite easy to mess up things if you are not careful enough.
I suggest to contact your local support if you are about to do such thing, e.g. because of a hardware update, they should be able to help you.
Another thing I would consider is that how many projects and libraries are affected - if the number is less than 50, archiving things and re-sharing them is probably a better workflow - you can do it on your own, it's safe and mean time you can even archive.
Customer Engagement Expert, Community Admin