You should be able to fix it by switching the path for your old profile.
The only thing BAD about running wow from an external hard drive is the USB data transfer rate is very slow. Go for it if you have an eSata enclosure. (AKA areas might load slower than normal)I would not recommend running WoW from an external hard drive however. I believe Innerspace uses Registry Keys and needs to be installed.
Innerspace does not use registry keys that I know of, and I've taken it between OS installations with no problem.
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