I copied one of the Azure solutions Thumbs_E1(which was working) to Thumbs_E1_SL1 folder along with the project folders to a new folder. Changed all folder names to correspond with the new extension I had.
Thumbnails_E1_WorkerRole to Thumbnails_E1__SL1_WorkerRole
Thumbnails_E1_WebRole to Thumbnails_E1__SL1_WebRole
Thumbnails_E1 to Thumbnails_E1_SL1
When I opened the solution it complained about the projects not being there. I removed the projects folder icons and added the projects again from the renamed folders.
It compiled fine, but would not run and gave me an error
System.InvalidOperationException: SetConfigurationSettingPublisher needs to be called before FromConfigurationSetting can be used.
I found a solution in the following link
Set the Thumbnails_E1 as the start up project and it worked!