Libraries are collections of locations (folders, network shares, etc). You don't move Libraries, you move folders and then update the Libraries to include that folder location.
The libraries are handled by using the IShellLibrary interface, and IShellLibrary only handles one library at a time. So the best you can probably hope for is a program that loops through each one and updates it to add the new path (and perhaps remove the old one).
Hopefully that helps explain, and gives you a starting point if you want to pursue coding yourself a solution.