These steps require that you have the WP Permastructure plugin installed and active.

Setup

After the plugin is active on your site goto Settings -> Permalinks and scroll down to the Custom post type permalink settings area.


Using WP Permastructure

You can use the new boxes listed in your permalinks screen to customize the built in custom permalinks, i.e "portfolio"

For example to change:

http://mysite.com/portfolio/my-portfolio-post

to:

http://mysite.com/my-awesome-portfolio/420/my-portfolio-post (420 is an example post ID, see the note below for more info)

enter this into the portfolio permalink box:

/my-awesome-portfolio/%post_id%/%postname%/

and save - your portfolio permalinks should now be updated.

Note: %post_id% is only required if in your regular post permalinks you selected "Post name" - otherwise you can leave it out if you wish. It can also go before or after %postname%

You may be able to use a few other tags other then the post ID as well, i.e.

/my-awesome-portfolio/%portfolio-category%/%postname%/
/my-awesome-portfolio/%author%/%postname%/
/my-awesome-portfolio/%year%/%monthnum%/%postname%/

In most cases you can remove the "portfolio" part all together by just entering this into the box too:

/%postname%/

Note all the tags may work but more are listed here.


Changing the Custom Post Type Text Labels

If you want to also change the menu labels in the WordPress admin, you can install the Custom Post Type Editor plugin and visit Settings -> Custom Post Types.

Changing the name via the code
For the most part you can also change "portfolio" in /lib/functions/themedy-portfolio.php by changing the text here:

'rewrite' => array('slug'=>'portfolio'),