Updating URLs w/ Parameters to Folder Structure

Your current URL suggests you are using Fusebox. If so, then you should be careful about changing the structure. It would be a risk because fuseactions and IDs are hardwired into the Fusebox engine.

If it's user-convenience you're after, you could do it the other way round.

That is,

1.  Leave the current Fusebox structure intact, with fuseactions, IDs, and so on.
2.  Get users to use the new URL (https://example.com/event/1) in place of the current URL (https://example.com/index.cfm?fuseaction=event&ID=1).
3.  Use redirection to internally convert requests to https://example.com/event/1 to point instead to https://example.com/index.cfm?fuseaction=event&ID=1.

The answer is almost certainly yes. You may want to clarify for us if you mean you want incoming urls of the second type to map to those of the first (and whether you mean to support either, perhaps with the second type being canonical/to be preferred).

This sort of thing can be done with url rewriting, with whatever web server may be fronting your cf, whether iis or Apache. There's really nothing cf-specific about doing that.

Fwiw, one can also do it in cfml instead. Just depends which you're more comfortable with, or find resources showing how to do whichever you may prefer. 

And I'll hold off on sharing any whole we await you're thoughts in the above. I'm sure others could offer thoughts and resources.