No, unfortunately there isn’t; Google is oblivious to user scenarios that differ from their standard.
I don’t know about Picasa or Google Desktop, but for Chrome, you have to use a command-line switch to specify a non-default location, but then you also have to add the switch to every entry in the registry that contains the Chrome executable (eg for starting Chrome by opening an HTML file, clicking on a hyperlink, etc.)
Unfortunately it’s quite messy and they are taking their sweet time implementing a proper solution.
Another option you have if you are up for it, is to relocate your entire Windows profile to another drive or partition, that is, move relocate your \Documents and Settings\ or \Users\ folder. This will move all of your documents and settings instead of only Google’s.
In XP, you can right-click the folder (eg \Documents and Settings\) and change the target, or use TweakUI. In 7, it’s not as easy and has to be done manually (for some reason, even though other special folders can be easily relocated). Some people choose to simply redirect using a symlink instead of actually changing the location.