Most of the VP stuff can be on any drive. What most people struggle is when they try to run P-ROC of another drive than the regular C.
There are several tricks you can use to overcome drive letter dependencies as well. The standard command line utility 'mklink' is one of them where you you can create "links" betweeen A and B. Actually, with a export of a few registry keys, a little search/replace and reimport is all you need to even re-locate VP itself. There are of course other dependencies that you can't do anything about. Like directx, .net etc. I would say. In most cases. Just install - using the one-in-all installer to where you want VP to reside, and make sure it is not c:\program files or any OS related paths. D:\VP is perfect. Then to move data from one install to the other. Only take the tables, nvram (this contains your highscores etc - so maybe you don't want it), and roms from the master install over to the the other machines. Of course, if you run a frontend - then you have to take that into account as well. A general full backup of the VP install is of course smart no matter what you decide upon.
Please note that you want to export \\hkcu\software\freeware for dmd locations and other config.