I have gone through that process once. In hindsight against better judgment. There are so many places (files, metadata, content, ...) where the path names of SASConfig and SASHome exist that you will probably never find the last one. With all consequences. I got it to work but it took days. A proper re-install plus possibly a migration is the safer and likely quicker approach. This is very much true for the SASConfig. Also take care that a change in host name will have impact. and of course it depends on the complexity of your SAS landscape. You may get away with moving SASHome more easily. Actually, if this is shared storage, you could consider running two o more configurations from one SASHome.
My experience was on Linux. Windows has the registry as an additional source of headaches.
So, in short and unless you're looking for a thrill ride, don't.
Hope this helps,
-- Jan.