Yes; there is a KB article on moving the reports directory, at least for Server 2003: KB67850.
Log in to the support portal to read the article.
I went through this with customer service. I'm not entirely sure the procedure covers everything, though. I later had to delete and re-create all my reports so they would update properly when I re-ran them.
Thanks! Appreciate the reply with the KB article, I'll give it a shot.