I just connected an SSD drive and want not only to save & work with current projects from this drive but would like "everything" (all daw, vst related) files to load from this drive upon opening cakewalk. Is this possible? I just tried changing the letters in the folder location so now I know that's not the way to do it.

This is not easily possible.  You can control where to put Sonar files in the Preference settings, but as for VST files, they are usually stored in a directory off the C: drive.  Some installers allow you to put the dll, data, and patch files in other places, but some do not.
 
Why not consider making the internal drive either an SSD or SSHD?  Then use either a plain hard disk or other non-SSD solution as backup of that entire drive. The only reason I would ever suggest having an external SSD is for more rugged portable storage.  Unless you're using E-SATA or possibly USB3, which are not your everyday connection types, you're going to lose your speed advantage anyway.

Yea, I prob over reached with wanting to load everything from an ext drive. Was just trying to figure out the fastest way to load.

Hey, I understand that!
 
Definitely (one of) the fastest ways is internal SSD.  I do really like the Seagate SSHD's I'm using though, gives you near the speed of an SSD with the better capacity of a regular hard disk, and the price is pretty good as well. 
 
I also setup a small internal SSD drive and set Sonar to put temp and picture file data on that drive.

how big is the SSD ?
if its 250 or more I would use it as my main C:\ drive and reinstall windows on it and put sonar and all its little friends on the SSD as well. just keep big sample collections on another HHD.
 
Sonar and content isn't really that large to be honest and the benefits of streaming audio data (and loading samples) from the SSD is lightening fast, well worth the time needed to reinstall.
I do like forkols ideas though. its a choice you will have to make but I find a nice clean install of windows really helps as well.
 
Be aware, Sometimes the "fastest" way isn't always the best way. some time and effort and you will be thankful.