Yes you can do it rather easily.
You need to edit the registry.
To change the default location for all new profiles edit:
HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\Windows NT\CurrentVersion\ProfileList\Profiles Directory
To change the location of existing profiles you will need to edit the ProfileImagePath key found in
HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\Windows NT\CurrentVersion\ProfileList\User Guid
Note that you shoudl do this logged in as Admin. Edit the registry settings of all users EXCEPT the admin and move the folders. Then you will need to create a secondary admin ID to use to move the existing Admin ID (you can't move or edit the profile of a logged on user).
If you encounter problems moving any user, they are probably a member of the local admin group. Remove them from that group before moving to eliminate that problem.
I hope you find this post helpful.
Regards,
Mark