Yes, this is fairly simple. You do need to edit the registry.
You can edit the default location for all future profiles, or you can edit the location of current profiles as well.
To edit the default location change the path in:
HKLM\SOFTWARE\Microsoft\Windows NT\CurrentVersion\ProfileList\ProfilesDirectory
You will find the individual users listed by SID under the ProfileList key.
Modify the key:
HKLM\SOFTWARE\Microsoft\Windows NT\CurrentVersion\ProfileList\UserSID\ProfileImagePath
You will need to manually move the files from their profile to the new location. If logged on as ADMIN you will not be able to move the admin profile as it is in use. If any user is a member of the local admins group, remove them prior to trying to move their profiles. Otherwise their files may be locked.
I hope you find this post helpful.
Regards,
Mark