all of the LB settings are self contained in the LB folder so having multiple instances is fine as there will be no settings getting confused between the two versions.
There isn't really a proper path and setting everything up inside the LB folder structure or even just having it all on the same drive should make it portable.
Don't know how you would go about registering it to another user you would probably need to use their name and address to have it registered to the correct person but maybe @Jason Carr could elaborate on that one.