I adopted the solution proposed by Rehan Khwaja above. Following the steps below will make Chrome launch from your new user location, you DO NOT need to edit shortcuts or any of that.
My exact steps were:
1. Create the folder structure you want use, for instance:
2. Follow Rehan Khwaja's steps in the registry by opening registry editor and creating this structure:
(I had to add the \Google\Chrome part as follows)
a) Right click on 'Policies' in the left pane of the registry editor
b) Select 'New Key' and call it: Google
c) Left click on your new key called Google (in the left pane of the registry editor, might have a folder icon next to it)
d) Now repeat steps a to c but left clicking on: Google, and creating a new key called: Chrome
3. Once you have the key called Chrome:
a) left click on it in the left pane of registry editor
b) right click in the RIGHT pane, and
c) Select: New > String Value
d) Name the string value: UserDataDir
e) Right click on your newly created UserDataDir
f) Select modify...
g) Under Value Data enter the path of your folder structure, for instance:
h) Select Ok
i) Close registry editor
Google Chrome will now launch from:
(by default, using all your standard shortcuts without having to edit their path's etc).
If you want to replicate your existing browsing environment in this new profile location, you can copy the entire contents of your old profile (or Chrome's default one) into your new path.
Windows 7 or 8 - Default Chrome Install
Copy everything from:
If you want to launch Chrome from different profiles with separate shortcuts for each, you will have make the shortcuts and edit the path's etc (as suggested in other posts).