Symbolic links and junction points are nothing to do with Sonar and don't care what is in the directories. So you can use them with any directory, whether it contains programs, samples, 32bit things, 64bit things, whatever.
The important thing is that this is a 2 part process:
1) Move a directory from its original location to a new, preferred location
2) Create a link with EXACTLY the same name in EXACTLY the original location that points to the new location.
Tom's screenshot won't work because he has mistyped "Files" as "Fies". But if that was corrected, AND he has already moved the whole directory "C:\Program Files\Cakewalk\Studio Instruments" to "V:\Cakewalk\Studio Instruments" (ie. he went into C:\Program Files\Cakewalk\ in Windows Explorer, cut the 'Studio Instruments' folder, then navigated to V:\Cakewalk, and pasted the 'Studio Instruments' folder there) then yes, it will work. Any program in future that tries to look at C:\Program Files\Cakewalk\Studio Instruments will be automatically redirected to V:\Cakewalk\Studio Instruments and all is well.
The process is reversible, too: remove the link, then move the targeted directory back to where it started. (Make sure you have a backup though, because if you get this wrong you might delete the directory with all your data rather than the link. Better safe than sorry.)