Just so you know
maya projects are in hierarchy the project base is a directory and the projecss are located in and so you get something like procjects/currebtPorject. Now mayas for multiuser platforms, so having the project base in the root of drive makes no sense to maya (its originally a unix application). So defining a project c:\test is a really really bad idea. However its much smarer tahn having roota as a project, because then maya goes completely nuts.
It took me one project to never do it again after i spent 40+ hours negotiating the fact that my project did not have a project base directory. Considering the project took us 180 hour total its quite remarkably much.
So yes your free to put it anywhere you like just as long as the drive isnt the name for your project directory base and the project isnt thi in a folder directly under root of a drive.
Also no root basenamed projects. Maya will accept it but will soon forget you ever said any of the sorts. So by the next time you do anythjng for the file maya just thinks your projects is elsewhere.
You have been warned.
Anyway theres a simple way around this, and thats to define a project folder taht you promote to a drivestatus link in your system. or even easier make bat fikle taht opens a explrer that exclusively sees your project.