Hi Steve,
Unfortunately Encore does not have the setting of changing the media cache folder. But Encore honors the media cache settings of Premiere Pro. So you can change this setting in Premiere Pro and Encore will honor that setting
To change the media cache settings in Premiere Pro, please do the following steps:
1. Click on Premiere Pro>Preference
2. Under preference choose media
3. On the media preference under ‘Media Cache Files’ click on browse button and change the path of media cache files.
4. Click on Ok button
Open Encore and try importing the files in Encore. You will notice that media cache files starts getting created in the new folder chosen in step 3.
This works fine both in En CS4 and CS5. Let me know if this works for you.
Thank you,
Rajesh