Hi Richard,
Thanks for writing in our forums!
You should be able to specify the location of binaries and data files, but only when you're performing a clean install (No previous MySQL products installed).
Make sure you uninstall all MySQL products and folders from your system first, then do the following:
1.If you can see the installer showing the screen like this, you're clear to perform a clean install:
http://imageshack.com/a/img12/7885/s8gg.png
2.At setup type screen you'll find the place to customize your binary and data paths:
http://imageshack.com/a/img580/9615/bzv2.png
3.Type your custom path in the boxes as shown in the image:
http://imageshack.com/a/img7/1979/5woh.png
4.Folders are created where you've chosen (even if they are in a different disk):
http://imageshack.com/a/img849/1144/goij.png
In the case you have some data already installed, I believe you could back up your data, and once you run thru this process restore it to the desired new location.
Hope this helps, best regards!
====================================
Javier Rivera
MySQL Windows Experience Team