I'll give that a try, because I ran a registry search, hoping that I could find a key that would control where the database location is, but despite finding an endess list of keys, none appeared to be anything that would help. There is a newer version of the client, which stated that it was "fully" Windows 7 compatible, but when I asked the client's support what that meant, when the old version seemed to install and work on the OS, I never got a response. I'm guessing that this is the result.
I would now consider buying the update, but I would still need to get this taken care of first, because it might interfere with the newer version.
EDIT: No, that didn't work either. The moment that the installer window appeared, and error dialog also appeared, complaining about the missing drive, and wouldn't proceed.