No, you'll need to start SQL in it's minimal config mode, then run the ALTER DATABASE to change the tempDB location
Start SQL from the command line with the following (I think this is right):
sqlservr.exe -m -f -T3608
With that, SQL will be started single user, minimal config. One connection can then be made (and only one), you can run the alter database to move tempDB, then restart SQL normally and it should start fine.
Edit: added missing traceflag.
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