If you have less number of configurations and clients..
I will suggest remove MR1 SEPM..then install MR4MP2 SEPM on D drive( or any drive or any other computer you want )
Run sylinkreplacer to re-connect all the clients to new SEPM
But if you want to upgrade and do everything at once then the procedure is diffrent
First upgrade to MR4 --it should be on C
Then Upgrade to MR4MP2 --it should be on C
Once the SEPM is on MR4MP2
then follow the Disaster recovery process and change it to any other drive you want.
Best Practices for Disaster Recovery with Symantec Endpoint Protection
http://service1.symantec.com/SUPPORT/ent-security.nsf/docid/2007082112135948