Is it possible to change the default file storage location to a storage drive rather than the c drive?

Yes. You can place it anywhere you want. But there are some caveats tho. They default to Public Documents so any user on the computer will have access to the profile. If you place it under a specific user it will only be readily available to that user. Also, it isn't recommended to place it on a removable drive or on a server due to latency issues. And DEFINITELY not on a cloud drive.

Thank you for your help

My pleasure.