You have to change the path in the registry. You can use regedit.
BTW: if you're speaking of the MGSO mod, I just installed it in the default Steam location (in program files (x86) ) and had no problems so it may not be necessary to move it.
That's the one I'm trying to get, I don't understand why I need to change it but I was following the vid exactly since I already messed up a few times, did you use a video or anything or just the readme that came with the download?
Edit: I have the GOTY disc version so Idk if that matters but I messaged the video maker and asked him so I'll find out later