I keep a few different "runtimes".  The DAZ Studio content manager makes it quite easy to hot-swap between them as needed.  

Smart Content gets a bad rap for some reason, but I find it very valuable. YOu can make your own tags and metadata very easily and categorize your content into your own fantasy organizational paradise.  one thing I love is that you can sort a singular item into multiple places.  I have a metal armor shader and I can store it in both my metals folder AND my armor Folder with almost zero additional storage space.

I am making a video on all this as it relates to one of the biggest library-stressing items in existence: the Supersuit.

to create your own new directory, do it starting at the "My Library" folder level.  your new "My Library" can be named whatever you like but what comes inside it should follow convention.  There will need to be a "runtime", "Data", and "People" folders inside it. for example. If you like, try naming the new "My Library" folder a name that reflects the reason for the new structure. if you have supersuit stuff in there... You might call it "Supersuit Library"

Once you have created the structure, just point DAZ to it using the Content Directory Manager (right click on the Content Library tab to find it)

I would note that some content simply needs to be installed where Genesis is. Tori for V5 MUST be installed where V5 is installed and this cannot be changed. other content requires Genesis and so on.

You should not have more than one directory that contains any of the same data active at the same time or you will get Duplicate ID errors and potential problems.