So when you do that you are going to have to stop the hyperbackup, then move the files.
Ideally you already have your hyper-backup destination in its own shared folder. If this is the case all you would need to do would be to stop the hyperbackup package, then go into control panel and move the shared folder from one volume to another. Then after that you can just enable hyperbackup again and it should just relink with no issues
So I Assume if I have old backup files. Which I just keep for in case which is not currently running actively I can just move it around. I can activate or open from anywhere whenever Im desperate.