An alternative point of view regarding file locations:-

Unless organisational standards dictate otherwise, I tend to leave Master, Model and MSDB in the default installation locations.

I do however, unless sternly told not to (!), insist that TempDB, with its appropriate number of files, is stored on a separate logical and physical drive, all on its own.

The reason for keeping the other system databases as default is partly for ease of recreation in times of disaster recovery - a little bit less messing around and a set of standards that you know you can rely on and repeat at will.