As long as the path stays the same that should work. I normally follow the process below, but I don't see any problems w/ the way you are looking at doing it.
1. Backup your data (recommended, not required)
2. Stop all of your Vault services
3. Copy the vault store partition to the new location
4. Open SQL Enterprise Manager, EnterpriseVaultDirectory database, and find the VaultStoreEntry table
5. You will see that the VaultStoreEntryId correlates to a VaultStoreName. Make note of the ID.
6. Open the PartitionEntry table
7. You will see that the VaultStoreEntryId correlates to a PartitionRootPath.
8. Change the PartitionRootPath to the new location of the vault store partition
9. Close SQL Enterprise Manager
10. Start your vault services
11. Reopen the Partition Entry table and make sure the changes were saved
12. After you verify that the vault is running properly and there are no errors in the App log, you can delete the original partition.