In the past, when I have moved my itunes data from one computer to another, I usually just follow these steps:

Copy the contents of two folders:

%USERPROFILE%\Music\iTunes
%USERPROFILE%\AppData\Roaming\Apple Computer

1) Install iTunes on the new computer, start it and close it (don't let it search for music). 2) Copy all the files in the above folders from old PC to new PC. 3) Start iTunes and authorize the new computer (and deauthorize old one). 4) Before syncing, update all iphone apps to current versions on both my iphone and in itunes. 5) The Sync.

The above steps always work for me, and basically Itunes on my new PC works exactly as it did on the old PC.

My Question: In the hopes of bybassing the above steps in the future, I would like to just have Itunes use another internal Drive that I use for file storage (e.g. D:/) as the path for the above two directory? Then if I move to new PC again, I could just setup itunes to use the correct path. Is that possible yet with minimal implications? If so how?