Actually, for method 1, it's pretty simple to export playlists out of Subsonic en masse. Somewhere on the forum, someone posted a Java program to do that. I happen to prefer Perl, so wrote one that heavily borrowed from the Java program:
http://forum.subsonic.org/forum/viewtopic.php?f=5&t=17436Once you get them in M3U, a text editor will make short work of fixing the paths. Then, you put them in a folder and under Settings --> General, there is an "Import playlist from" option. Point that to where your newly fixed M3Us are at, and on the next sync, Subsonic will import them with the new paths. This won't affect your existing Playlists, so you'll have duplicates, but this way, you can confirm that they are working before deleting the old ones.
For method 2, I may have misunderstood your original post. If you've moved and already scanned the new media paths into Subsonic, I'm not sure there is going to be a clean method to fix this with the DB, short of changing the paths per the update code, but you'll end up with duplicates. That said, I think method 1 is your best bet.
The other benefit of method 1 is that it is a nice backup solution for your playlists. I've had to reinstall Subsonic from scratch a few times, and this saved me hours of manually rebuilding playlists.