change Location on IQA that has inventory movements from previous years

We have a Location that was created in error over a year ago. Meanwhile, some IQAs were created with that Location, and then some PO Inventory Movements were created last April and May. Any suggestions for how to change the Location on the IQAs and POIMs so that we could then delete the Location and it wouldn't cause this confusion again?

I am considering adding a "Defunct" checkbox on the Location and then change various queries we use to find Locations to ignore Defunct Locations.