[solved] How to change virtual folder location

TLB does not support relocation of the virtual folder via UI (just recreate the menu). But you can use one small hack:
Right-click the "root" of virtual folder and select "Show in Explorer", enter into opened folder. You can see the file named namespace.fld - actually this is the windows shortcut. You can create the shortcut to any folder, rename it into namespace.fld and replace the file in the opened folder. Then refresh TLB and your virtual folder will be relocated.

Note, the shortcut files have extension .lnk, but Windows does not show this in the Windows Explorer, so you have to use the command line or alternative file manager to rename shortcut into namespace.fld.