I was having a similar issue with the paths and I am able to work-around the issue by copying the assets (fbx models, textures, etc.) into the Content folder inside my project’s directory. I’m using 4.7.2 and it will automatically import assets when you do this.
The reimport button still appears broken, but when you manually copy (or export) the file to the Content folder it will automatically update inside the engine. Not the ultimate solution, but it’s at least something to work with.