Naw, you don't have to reinstall. If you do a search you can find the registry strings that get created for oblivion, then just make a regedit file that will make the changes when run. This is what i used, but do a search in case I'm forgetting anything.
Windows Registry Editor Version 5.00[HKEY_LOCAL_MACHINE\SOFTWARE\Bethesda Softworks][HKEY_LOCAL_MACHINE\SOFTWARE\Bethesda Softworks\Oblivion]"Installed Path"="C:\\Games\\Oblivion\\"[HKEY_LOCAL_MACHINE\SOFTWARE\Bethesda Softworks\Oblivion\1.00.0000][HKEY_LOCAL_MACHINE\SOFTWARE\Bethesda Softworks\Oblivion - Construction Set][HKEY_LOCAL_MACHINE\SOFTWARE\Bethesda Softworks\Oblivion - Construction Set\1.00.0000]