SMP logs and EventQueue are located in "C:\ProgramData\Symantec\SMP" directory.
See Where are the event queues (EvtQueue, EvtQFast, etc) for Symantec Management Platform located?"
Some potential concerns and problems could include:
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 see Redirecting the EventQueues have resulted in NSE's no longer being processed by the SMP.
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