Hi there,
ACE will remember where folders and files are created/saved or even opened from. So if you copy a complete project from Documents\Acade 2017\AeData\Proj to anywhere else, make sure the old project title is removed from the Project Manager, then the project is opened from the new location, ACE will remember the new path for the project.
When I set my project up, the project files are all in the same folder. The folder is created or pointed to during the New Project or Copy Project tools. I would recommend using the New Project tool once to set up a sample project and from then on use the Copy Project tool for creating new projects by copying the sample project. Once the project folder has been populated you can pretty much do whatever you want. Which is to say other drawing files can be located just about anywhere your computer has read/wright access to. One thing to keep in mind is that if you Add drawings to your active project ACE does not move them, it attaches the path to the project. What am I trying to say? If you have Project A in last months project folder and you want to use some of those drawings in this months Project B folder do not simply add them to the current project. Copy the ones you want from Project A to Project B folder, rename if required, THEN add them to your active project.
Good Luck
By the way the screen shot is a network drive. The application software is installed on local work stations but all of the Project files/drawings/folders are created on network servers.

Please mark as a solution if this works for you, kudos are always welcome