What I'd suggest is uninstalling WB7 through Impulse, restarting, then going to the blue menu at the top left in Impulse -> Preferences -> Folders and enable the option "Prompt for install directory." At that point, just go ahead and reinstall WindowBlinds 7 and it should give you the option to install to another directory.
When you move your install as you initially suggested, there may possibly be settings in the registry that would need to be moved and it could end up being more trouble than just performing an uninstall/reinstall.
Mike