Yes, you can change the location of your information stores.
Use the Exchange Performance Optimizer. This tool will allow you to change the location of information stores as well as log files. This is the ONLY error-free way to move databases other than maybe some third-party software.
If you try to move the databases manually, you run the very real chance of corrupting your Exchange installation beyond repair.
As with any other architecture change of this magnitude, make sure you have a GOOD backup before attemting this procedure. Although the procedure is fairly simple (you merely tell the Optimizer where you want the databases to reside and it does the rest), bad things can happen (power outage, hard drive crash, etc.). Therefore, better safe than sorry!
Good luck.