Change Hotmail Folder in Outlook 2002

Using Outlook 2002 in XPProsp2.
Would like to change the storage folder for the hotmail.pst file to another drive.
Currently at this default location.
C:\Documents and Settings\User\Local Settings\Application Data\Microsoft\Outlook

Have tried copying it to the new drive location and deleting original file and restarting Outlook. Works with the pop accounts, but not Hotmail.
Can’t find any options in Outlook for this.
Any tricks to do this???
TIA