SMP logs and EventQueue are located in "C:\ProgramData\Symantec\SMP" directory.
See KB 180373 "Where are the event queues (EvtQueue, EvtQFast, etc) for Symantec Management Platform located?"
Some potential concerns and problems could include:
1-Filling up the OS drive could cause the system to fail in unpredictable ways.
2-The Logs and queues will have the propensity to fill a drive.
3-The OS may be installed on mirrored drives which would significantly slow down write performance.
4-The OS drive can be smaller than the other drives on the system.
5- Internal policies may not allow any application information on C:\.
ITMS 8.x
For ITMS 8.6 and later, you can make the change on the Event Queue path under the core setting called "EventQueuePath"
NOTE: Do not redirect the EventQueues to the NSCap directory structure as it has been known to stop NSE's from being processed. Please refer to KB KB 156081 for more information regarding this.
Process to change Event Queue Path to another location:
Path to Event queue can be changed via core setting called "EventQueuePath" and changes will be applied after all services are restarted.
The recommended way to change path values is:
a) Stop all Altiris services and "World Wide Web Publishing" service
b) Change the EventQueuePath in Core Settings
c) Start all Altiris services and "World Wide Web Publishing" Service
d) Copy all NSE files from the previous location into the new EventQueue\EvtInbox directory