Not sure if this will work, but you could try just moving the Cakewalk directory from C:\Program Files to another drive, e.g. D:\Cakewalk then create a hardlink (junction) from an elevated command prompt e.g.:
mklink /J "C:\Program Files\Cakewalk" D:\Cakewalk
After doing this, the C:\Program Files\Cakewalk directory will re-appear... but it's actually stored on your D: drive within the D:\Cakewalk directory.
If you're considering compressing your drive and/or folders, one thing to watch out for... the prochannel modules / style dials cannot be compressed. If you do, they'll disappear - just uncompressing these files will solve it tho.
You may find similar issues using mklink - I'm not sure, but probably worth a go. You can always copy D:\Cakewalk back to C:\Program Files\Cakewalk in any case which will remove the link.
[EDIT] - it's probably safer, and makes more sense to do this with the C:\Cakewalk Content directory (as it's larger), so:
(i) move "c:\cakewalk content" to "d:\cakewalk content"
(i) mklink /J "C:\Cakewalk Content" "D:\Cakewalk Content"
M.