Unless you let Mojo page out to disk the location of its exe and dll files has no effect on performance. No effect at all. Given the way it's written and used that not likely to happen even if you're short of RAM, and that probably isn't very likely either for the category of users that you're talking about.
You can't tell ClickOnce where to put the files, but you yourself can put them wherever you want. Just copy or move them like any other files.
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