I think you can just extract the Reborn folder anywhere you'd like, and launch it using the Game.exe in the folder. For ease of access, you can set up a shortcut.
If you mean moving the .exe itself, though, that's probably not the best idea.
Edit: If you're having trouble with the patches aspect, the updater has you covered. It'll install the patches for you with just the click of a button, no extra legwork required.