I would investigate using a hardlink or a symlink -
http://shell-shocked.org/article.php?id=284
I havent tested this as I dont currently have the same requirement, but you would need to do something similar to the following:
- rename the liveupdate directories you want to move to liveupdate2
- create hard or sym links to the new liveupdate folder destination
- copy all files from liveupdate2 folder to new liveupdate folder
- run luall and see if it worked
Let us all know how you get on.