Changing repository path would have the following effects:

1. If you are working with GeneSpring 11.5.1 or earlier version, change in repository would only store the data files in new storage location and not the database itself. Database is located in original GeneSpring installation directory. Movement of database is possible in GeneSpring 12.0 and later versions.
2. You will be able to access previous projects, provided the previous repository folders are present in their original locations.
3. All the new data files will be stored in the new repository path.

Please note: Database entries are always made in MySQL database. This is vital for access to data and its recovery (if required). Hence, it is highly recommended to not remove any folder from GeneSpring installation directory or the folders from new location.