Using library name as a variable in embedded SQL

I'm trying to work with tables in a library not in my library list and am
trying to figure out a way to soft-code the library in my embedded SQL
statement.  I don't plan on touching multiple libraries and I don't like
hard coding.   I'm trying to do something like this:

C/exec SQL
C+        Update :library/file set name = :new_name, address = :new_address
where key = :new_key with NC
C/end-exec

I know I can grab CURRENT SCHEMA from the special register, SET CURRENT
SCHEMA to the new library, and SET CURRENT SCHEMA back to the original
library list, or I can run the 'system' procedure to  OVRDBF and DLTOVR.  I
can use dynamic SQL and eliminate the library problem but I don't know if
the SQE is smart enough to reuse the access plan (I'm still on V5R3; I know
V5R4 does some cooler stuff).  I've considered abandoning SQL and setting up
logical files in my library list with hard-coded qualified PFILE's.

I'm using *SYS naming and "key" is the file's primary key.

Is there a way to handle this using embedded SQL or do I need to look at
another approach?

Thanks,
reeve