Has anyone else found the answer to the question above? I am looking for the same information and haven't turned it up through searching, this is as close as I could come.
No. The engine folder cannot be changed to another location and not sure why you would want to do this.
The VSE Program Files location can be changed from the default location but in order to do this you must install manually or create a MID package.
My experiences have been that anytime you change installation program to a path other than the default you are only asking for headaches down the line as upgrades, updates, etc expect the dafault path in most cases and will fail if not in that location.