ive tested the above theory and works successfully with replication intact.

alter database REPTEST set restricted_user with rollback immediate;

ALTER DATABASE REPTEST SET OFFLINE;

ALTER DATABASE REPTEST

MODIFY FILE ( NAME = CMS, FILENAME = 'C:\Program Files\Microsoft SQL Server\MSSQL.1\MSSQL\Data\REPTEST\CMS.mdf' );

ALTER DATABASE REPTEST

MODIFY FILE ( NAME = CMS_log, FILENAME = 'C:\Program Files\Microsoft SQL Server\MSSQL.1\MSSQL\Data\REPTEST\CMS_log.ldf' );

-- Move the files at OS level

ALTER DATABASE REPTEST SET ONLINE;

alter database REPTEST set multi_user;