Unless something goes wrong, upgrading does not erase Outlook data files, even when stored in the default location. In any event, if they've been backed up (as they should be), restoring to that location is as easy (and possibly easier) than trying to redirect Outlook to a new location without having it erase the files there... Neither should any existing Outlook settings be deleted.

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Cheers,
Paul Edstein
[Fmr MS MVP - Word]