Are you using the new Backup Format for your Cloud backups? If yes, then I am afraid that you cannot change the drive letter like you can with the Legacy format. I do not know if using the New Backup format will make the reupload go faster (deduplication impact). Perhaps someone else has experience with this issue.
I am on the standalone version. It is MSP360 Backup Ultimate Edition 7.9.4.103 . I found another thread here addressing this issue that said with the new format the program should recognize that the data has already been backed up and basically figure out the drive letter changed itself and only backup the changes. So, I started up my backup and it appears to be fully backing up my 12TB plus of data. I hope this doesn't take a month to do like it did originally. This needs to be something that is easier to handle. I cannot be the only person who has to move data around when drives fill up. In fact, there are other questions exactly like mine in the forums. Please put this in the feature request queue.
Update to my previous update: I was wrong. After moving the data to a different drive and kicking off the backup, it did recoginze that it was the same data and it did an incremental backup like it was supposed to do. I am thinking that the first backup I ran after the move took longer because the backup job had been paused for a week and there may have been more files to backup than normal. Or, maybe it had to process the moved files to verify that they were already backed up. Just guessing, but the new format appears to be smart enough to figure out that data has been moved and you are backing up the same data.