Simple answer is try and see. You can always move the folder back again!
If you don't have any external reference then you should be good to move them. I would rather suggest you this:
- Copy the files to new location or desired location.
- Rename the folder in the original location to something like folder name _old.
- Open and check the files from new locations.
- If everything is good then you delete the old files.
If you have a top level assembly then you can take advantage of pack and go to move every file including drawings to the new location while preserving the references.
Thanks for the quick responses lads. I'll follow your procedure Deepak and see.