Yes to both.
I understand that moving everything out of 'Program Files' to somewhere else will work, but, thinking of the average user, we need to find a solution so it works in 'Program Files'. Average users aren't good at moving applications around their computer file structure and then fixing all the broken links and shortcuts (Hyperlobby, desktop, JSGME, etc).
I tried allowing Sharing for my game folder, with permission for Network users to alter my files, but that didn't work.
There are plenty of Remote Desktop apps out there used by Corporate IT admins which can alter stuff in Program Files; it would be worth figuring out how they get round this issue.