IIS7: Moving the INETPUB directory to a different drive - Just Another IIS Blog : The Official Microsoft IIS Site
Anything with EI and EIO should be shared! Even if it is good old XCOPY flags.
MOVING THE CONTENT:
Once the configuration is changed you have to copy all content from your root drive to your new drive including ACLs and empty directories:
Example:
xcopy c:\inetpub f:\inetpub /E /O /I
/E copies all directories even if they are empty
/O copies all security settings, i.e. Access Control Lists on files and directories
/I assumes the destination is a directory
Good post as well on configuring IIS7 to a different drive other than the default.