Hey R.B.,
Not per se, but as you now know you can use the Keyboard Maestro Engine log to discover where a non-existent-path failure took place.
If you need to update that path string in a number of places then this macro will come in handy:
Finding Strings in Keyboard Maestro Macro Actions v1.00
Some enterprising person could take the output from the first macro and then use the select-action AppleScript to serially move between the actions in the list – sort of a find-next function.
I may (or may not) refine the macro myself later, but I'm done for now.
-Chris