If you are uninstalling and re-installing, the installer will prompt you for paths to use for the program files, data folder, and download folder. These should be three different folders but can be on the same drive. Typically you'll want your data and download folders on the drive with the most available space. It's also best to use local drives on rotating media. If you use external drives, it could impact download speeds.
If Newsbin is already installed and you want to move the data folder location (which is where header files and the working databases are kept) you can follow this procedure to
move the Newsbin Data Folder location.